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.
Enjoy
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:
There were 13 reports mentioning Gold in the past 3 days. None of them talked meaningfully about the cohorts buying it except for TD.
Where there were directional opinions, Banks diverged slightly.
3 banks say this is toppy, 2 say it likely is not
Most banks commented on segments of the market. ETFs, Options, Player Participants, Fed Effect1.
The video is mostly a show-and tell-presentation but…
A running cursory analysis/commentary for a few reports were done
Everyone is outside their comfort zone here, noone is admitting it yet. But you are getting comments like “Puzzling, mysterious etc”
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
