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      They missed the golden low

      First inflows into gold since May post the big squeeze. So most missed the great gold melt up...

      They missed the golden low
      Source: BofA
      Size buying

      Garrett continues: "if everyone is so bearish, who is buying?"

      (un)natural answer = systematic community who have purchased ~100bn of global equities in the last 10 days.

      Size buying
      Source: GS
      You are consensus

      Goldman's derivatives guru Garrett: "if you’re bearish, you’re consensus … doesn’t mean you are wrong, but you are in the majority". On AAII sentiment he writes: "...investors have *never* been this consistently bearish… for 11 straight weeks, >50% or respondents have been negative on the market"

      You are consensus
      Source: GS