We’ll Gladly Take the Other Side of Goldman Sachs on Gold $GLD

07/15/14 08:53AM EDT

Editor's note: This is an excerpt from Hedgeye morning research by CEO Keith McCullough. Click here to learn more and how to become a subscriber.

We’ll Gladly Take the Other Side of Goldman Sachs on Gold $GLD - ben gold

Goldman Sachs grabbed headlines yesterday reiterating what’s been the wrong call (bearish on Gold) in 2014. Gold futures/options contract volume was +27% versus the 5-day average on that, but neither my TRADE line of $1301 support, nor implied volatility (still -2% on a 1 month basis) confirmed the 1-day fear.

In other words, buy more.

 

Incidentally, if you asked the bond market about Goldman’s call on Gold, or consensus US growth acceleration hopes in Q3, it doesn’t care – the 10-year yield is right back to 2.53% this morning with immediate-term downside to 2.49% into Janet Yellen’s testimony.

We’re sticking with #GoldBond.

We’ll Gladly Take the Other Side of Goldman Sachs on Gold $GLD - Gold Bond cartoon 07.10.2014

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