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Housekeeping: includes CTA analysis at bottom

* Normal variation/ Trend week

* 1st day was the tell

* 50 higher and the banks sell 4k???? 50 lower thy buy 17-20k.. lol..

* We have to go up with behavior like that until the events

* last 3 days spec funds and CTAs chasing momentum.. with macro-d selling to them

* banks nibbled on option trades.. and got burnt again

* Sell some gold buy some bitcoin now.. forget oil it seems

* position update

* CTAs definitely are adding again..This is the hottest of hot money

* Discussion: Why Gold Vol is cheap right now (see last chart)

There is no reason to be short still.

CTAs are long and getting longer in Gold.