BOA: 'Gold Longs Remain Patient. Oil Shorts May Cover'

BTC ETF Launch and Gold Effect

Good morning: We continue to be skeptical to speculate long short term and take profits intraday considering how stocks are reacting to their own “Buy Season” flows.

Long term factors are as good or better than ever. Consider how bitcoin’s recent rally has not hurt price in gold yet even though it is sapping analytical interest right now again, ( see all the headlines below) just like last year.

Crypto/BTC is a bank freeding frenzy now and people have only so much money to play with . They are being told to buy btc on ETF launch.

We are thinking as the BTC launch approaches gold can suffer from hot money reallocating…history repeats itself.

Frankly, The fact Gold has not gotten killed by all this hype so far is encouraging.

Included:

1. BOA CTA Analysis

2. GS on Base Metals

3. BNP CPI Preview

4. GS: Crypto Week Headlines

Here is the BOA Gold CTA Comment in context.

Trend followers are likely short Oil but next week according to our model their positions could see covering and notably in any price path. In other commodities, we have CTAs long Gold with that position to move with spot and Soybeans shorts could see continued increases in size.

Here is last week’s video on how to get most out of these reports:

Here are the charts that matter: