Gold - back in business

We outlined our gold logic last week in our thematic email "Time for gold - how to play a possible break out" (subs only, sign up here). Gold pushed higher on Friday and is continuing the move today. We suggested playing the break out via call spreads and reminded our readers of gold's positive skew features. A close above 1870 and you should look at rolling those call spreads higher in order to capture even more optionality. Noteworthy is the pick up in GVZ during this move higher in gold. Second chart shows gold positioning. This is far from a loved space...