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      Hungry for gold

      "The record pace of inflows and overall growth in bullion ETF holdings, amid the richness in gold options call skew, reflects strong investor appetite for gold." - Citi

      Below chart via JPM shows the inflows to Gold ETFS...people remain hungry for gold.

      Hungry for gold
      Source: JPM
      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