Chinese speculators increased their positions yesterday but are stable today. ETFs purchased 280k yesterday, compared to 860k on Friday. The volatility move has been fairly stable; 3M ATM increased by +1v with a 25% RR of +0.3v; breakeven is around ~1.25% at 16v. Our trading flow this morning has predominantly been focused on buying volatility through call spreads, though the activity has varied; we've observed RKO unwinds, RKO rolls, vanilla profit-taking, as well as new positions anticipating another ~ $100/oz increase. We haven't observed any interest in strikes above $4,000/oz yet (though this might change when ... (full story)