Gold Ripped. CTAs Flipped. Vol Woke Up. Now What?
Gold is back
Gold has come roaring back, and the signals we have been watching are now falling into place. GLD just posted its best week since the January melt-up, ETF demand is returning and CTAs have flipped back long. With upside skew now bid and gold vol finally waking up, the trade has moved quickly. With major resistance approaching, this is increasingly about managing the trade rather than chasing it.