My observation that options positioning was signalling a potential inflection point for gold prices has played out well. Gold futures have since risen just under $300 (6%), validating the shift in skew from extreme put demand to renewed call interest. While risk reversals have flipped positive across several tenors, I remain cautious about an immediate breakout to fresh record highs. Rallies may initially stall near resistance unless a stronger catalyst emerges. That said, I remain hopeful that President Trump won’t quite pull the trigger, so to speak, and that a last-minute deal – which he is clearly vying for – is ... (full story)