McCullough: Time To Buy Gold?

Gold prices are down around 12% since its January peak.

Wall Street consensus is net short Gold, according to CFTC futures and options data.

The faster bond yields break down, the faster gold is going to break out, says Hedgeye CEO Keith McCullough.

It's been a disastrous year to be long Gold (GLD).

Gold prices are down around 12% since its January peak. However, some intriguing financial market changes may mean the bottom might soon be in, according to Hedgeye CEO Keith McCullough.

"Gold is starting to perk its head up here," McCullough explains in the clip above.

"And the faster bond yields break down, the faster gold is going to break out."

Another positive working in gold's favor?

Wall Street consensus is betting against Gold with about -57,000 net short contracts, according the CFTC's latest futures and options data. This makes Gold one of the most consensus shorts in global Macro.

Combining those two factors could soon mean an intriguing entry point for getting long of gold.

Watch the full clip above for more.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.