Gold stuck? - how to play it

Gold - everybody sucked in?

The "easy" trade in gold is long gone (outlined here on Feb 11). Now comes the "frustrating" part for most that have missed buying at decent levels and/or sell at recent euphoria levels. Gold needs to consolidate before anything meaningful can occur again according to us. If you are running "must be longs" here but think we are due for a consolidation, we see overwriting as interesting set ups. Gold volatility has exploded higher and offers great yield enhancement plays.