Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.

Never mind Gold. No one, ever, became famous at any Old Wall investment bank being a Perma Bull on JGB or Long-term Treasury Bonds. No one on Twitter needs me to emotionally identify and empathize with selling their Treasuries either.

Back to another risk management reason on why I covered plenty of my Gold Shorts yesterday:

A) AFTER the down move, Gold’s implied volatility PREMIUM popped to +12% vs. 30-day realized
B) In context, if you were shorting Gold 1-month ago before it got tagged on this day in November, 2020…
C) Gold had a very complacent implied volatility DISCOUNT of -17% vs. 30-day realized…

And it was coming from the top-end of my Gold Risk Range back then too. So… no feelings here, folks… just data… what I’d like to see for another Selling Opportunity in Gold and/or Gold Miners is:

A) Gold moving back to the top-end of my @Hedgeye Risk Range while it…
B) Develops another implied volatility discount and …
C) I have every Gold Bug on Twitter chirping me from the cheap seats that Gold is above their Moving Monkey

CHART OF THE DAY: Gold & Gold Miners Do Not Like #Quad2 - Chart of the Day