It seems as if the market is grasping the dollar bear story with both hands this morning. While Macro Man does not necessarily agree with some of the basic premises of the argument, he has to concede that said premises are unlikely to be disproven in the near term.
He finds himself long dollars synthetically via his gold puts. He therefore buys 125 GCJ7 @ 647.50 to turn his gold position from directional to long vol.
He finds himself long dollars synthetically via his gold puts. He therefore buys 125 GCJ7 @ 647.50 to turn his gold position from directional to long vol.