Gold is now in a bear market, falling >20% since its January peak. The metal looks set to break below its 200-day moving average (USD 4,417/oz) amid clear signs of subdued investor interest. These include: • Trading volume on CME is subdued – despite multiple margin cuts – with total open interest in the 100oz futures contract near decade lows. • Bullion is flowing out of COMEX approved vaults and with lease rates negative, it’s moving back to the vault of the Bank of England. • Gold-backed ETFs are experiencing modest outflows while OTC option volatility is skewed to puts out three months with minimal skew to ... (full story)