Treasury Just Lit The Fuse Under Gold

Gold goes vertical

Gold is doing exactly what we have been waiting for. We have written repeatedly about the setup over the past few weeks, and today's Treasury announcement has provided the latest catalyst.

More importantly, the move isn't happening in isolation. The dollar remains supportive, positioning is far from extreme, demand remains healthy and the CTA short-covering dynamic flagged by BofA is now playing out in real time.