Below is a brief excerpt transcribed from Friday's edition of The Macro Show hosted by CEO Keith McCullough and Director of Research Daryl Jones.

McCullough: Sorry Goldbugs, Gold Has Crashed - one2.12

Now if you’re looking for shorts – I still can’t understand for the life of me why people aren’t short Gold.

Look at the chart. I can see how people are triggered by 50-day moving monkeys.

The first circle is the cycle peak in #Quad3, that’s what Gold loves. Then you get the head fake in November, and the next head fake in the beginning of the year.

McCullough: Sorry Goldbugs, Gold Has Crashed - three2.12

Those are moving monkey “breakouts”. But what does a breakout mean when it breaks down?

It wasn’t a breakout – that’s what it means.

The full cycle drawdown is now -13.7%. That is a huge drawdown.

Again, it’s a currency – a crash in a currency is a -10% decline. As of now I’m going to call it not just a drawdown, but a crash.

McCullough: Sorry Goldbugs, Gold Has Crashed - two2.12

If you’ve been buying Gold from the cycle high to where it is today, your capital has crashed. Not only has it crashed, it has crashed relative to things you could’ve made 20%, 30%, 50%... 150% (Bitcoin), over the same time period.

Again, you have a choice, you have a process. That gives you your choices.

You don’t have to be wed to somebody else’s belief system; believe in the #process.