Peter Cecchini, founder of AlphaOmega Advisors, LLC, joins Real Vision managing editor, Ed Harrison, to examine the state of global macro that leads into a discussion of the recent precious metals bull market. Cecchini and Harrion break down the lack of efficacy low-interest rates have in stimulating the economy and the knock-on effect that environment is having on gold and silver. Looking at the relationship between small-cap and large-cap equities, interest rates, and the political environment, Cecchini presents his view that these factors all combine to drive precious metals markets. He also explains why his constructive view on gold is not based on the belief that the U.S. Dollar will collapse, but rather that gold serves as a substitute for US Treasurys – especially as rates approach the zero bound. Cecchini also shares his thoughts on gold and silver alternatives like platinum, palladium, and bitcoin. Filmed on August 13, 2020.