The Forgotten Trades Strike Back

The forgotten trades are starting to wake up. Oil is squeezing, gold and silver are testing major technical levels, and Treasury yields are flirting with a breakout.

Everyone Gave Up On Silver

The options market has completely flipped on silver. Investors have gone from chasing the upside to paying up for downside protection.

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The Gold Squeeze Nobody Sees Coming

Everyone seems worried about what could send gold lower. Few appear positioned for what happens if it breaks higher. The combination of tightening technicals, resilient physical demand, and subdued positioning creates the ingredients for a potentially violent squeeze.