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Nomura’s McElligott Talks ‘Dealer Destruction’, Gold And ‘The Most Crowded Trade On The Planet’
The negatives are seemingly outweighing the positives, Nomura's Charlie McElligott writes, in his Friday morning note.
What are the negatives? Well, the weakest pace of industrial output growth since 2002 in China is one issue weighing on sentiment to close the week. In addition to that, there's news that India is set to hit back at the US with retaliatory tariffs after Trump yanked the country's GSP status earlier this month. The India story was lost in the shuffle amid the Mexico drama but pu
Gold’s apparent ‘break out’ above USD $1350 THIS MORNING MAY HAVE BEEN A ‘HEAD FAKE’ AS IT HAS SINCE DROPPED BACK TO $1340 +/-.
It’s called “resistance” for a reason.
It’s been acting more like a ‘hard cap.’ Clearly major forces (Central Banks?)don’t want to let the ‘genie out of the bottle.’
Could you expand on the “very long dated volatility in rates” strategy?