The real gold trade has begun

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After peaking above $5,000/oz earlier this year, gold is now hovering around $4,500, well off its January highs and stuck in a volatile range as investors try to handicap Middle East tensions, oil shocks, inflation data, and the next Fed move.

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The Most Important SOX Chart Right Now

Nomura estimates Friday's leveraged ETF rebalance forced roughly $52 billion of selling, led by $23 billion in Semis, $18 billion in Tech, and nearly $5 billion in the Mag 7.

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Ceased Ceasefire?

There has been little progress in the US-Iran peace negotiations over the past weekend. In fact, it feels like the two sides have been walking backwards as the ceasefire is faltering.