How to Define a Cycle-to-Date

The concept of cycle-to-date is economically really easy to identify. It's where are you again on the sine curve of economic growth? Well, where did gold peak? Where did gold trough? These things are all measurable within the cycle. And I do think it's a disservice to the macrounaware people that get pablam or spoon-fed CNBC bullshit about year-to- date returns.