A Golden Macro Opportunity

Monday, I talked about the massive vol compression I'm seeing across a number of major macro instruments - most notably FX dollar pairs and gold - along with how these compression regimes set the stage for expansionary ones (i.e., Giant Macro Trends).

Here's the chart of gold again which shows its volatility (as measured by the width of its monthly Bollinger Bands) recently hit all-time lows. The last time gold vol was anywhere close to being this contracted was in 2002, right before the yellow metal busted out the gates and ran for a decades-long bull market.

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