Meet The Gold Vigilantes, Multi-Report Walkthrough

All the Gold Commentary Since Friday

Housekeeping: Bai gave permission to share our chat, and that will come later on after 3 pm.

Good Morning:

Find attached a video walk-through of every professional piece (we’ve seen) between Friday to today. Work Starts at 2:45

At bottom are also pdf excerpts from the most relevant reports discussed for standalone use.

The video also has plenty of screen shots of everything discussed.


Report Discussion Order:

(**) for points of interest

  • 2:45 BOA-1

  • 4:00- BOA Hartnett

  • 5:00- Barclays

  • **6:00 CITI technicals**

  • **7:00- Jefferies ETF and Central Bank Comments**

  • 17:00 MUFG

  • **21:00 BOA Who are the Gold Vigilantes**

    • (Bank context of report writing)

  • **23:00 TD CTA Report Nov 30th pre open

    • detailed CTA comment

  • 27:00 RBC

  • 29:00 Soc-Gen and Gold Collateral

  • **30:00 GSTrader Option Analysis**

    • extended commentary on how to read Options in Gold

  • 41:00 BOA CTA Chart shows some buyers remain

  • **43:00- TD CTA report Dec 1 Read though***

Video Overview:

  1. There were 13 reports mentioning Gold in the past 3 days. None of them talked meaningfully about the cohorts buying it except for TD.

  2. Where there were directional opinions, Banks diverged slightly.

    1. 3 banks say this is toppy, 2 say it likely is not

  3. Most banks commented on segments of the market. ETFs, Options, Player Participants, Fed Effect1.

  4. The video is mostly a show-and tell-presentation but…

  5. A running cursory analysis/commentary for a few reports were done

  6. Everyone is outside their comfort zone here, noone is admitting it yet. But you are getting comments like “Puzzling, mysterious etc”

  7. We do think a couple 3 letter banks truly know what is going on, ( they do physical biz internationally) the rest are dealing in semi-darkness.. except Goldman.. they are no dummies.

Here are the detailed analysis of BOAs work last week

The full video is for paid subscribers