"Hello Boys" - Bullion Banks Buy Calls for first time in... forever?

Key Points

1. Bullion Banks covered shorts on the way down and on the way up

2. Bullion banks are still not marking markets

3. Producers continue to fill that role somewhat

4. Macro Discretionary likely bought inside the fishhook

5. Short playing Bullion Banks *Bought* calls initiating longs alongside other-reportable Macro fund buying

6. CTA analysis attached at bottom

7. We can have another 2 days fresh buying before any meaningful selling returns.

1. Intro

2. Weekly Overview

• Market Behavior:

• Key Observations:

3. Day-by-Day Breakdown