Back in March 2019, I wrote a post titled “A Golden Macro Opportunity” discussing the extreme compression in volatility we were seeing throughout the precious metals complex and how this portended an equally extreme expansion in vol and a major move on the horizon. A little over a month later we saw gold break out giving rise to a new bull trend. Since that was roughly a year ago and quite a bit has changed *understatement* I figured now is a good time to update my thoughts on the barbarous relic. To kick things off, I’ll quickly summarize my fundamental lens for analyzing gold. The total size of the “investable ... (full story)