Goldman on Gold: The Risk of a Margin-Related Liquidation Sell-Off
Margin call in the gold trade?
Gold’s melt-up has been turbocharged by call-option buyers, forcing dealers to chase it higher. Now volatility is at its highest since 2008 and positioning is maxed out. Goldman warns that even a mild equity wobble could spark margin-related liquidation — and CTAs may add fuel to the downside.