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Feb 20 - 05:00 PM

Gold: Options Markets Reminiscent Of 2010/2011 When Gold Peaked Around $1,800-1,900/oz - Citi

By eFXdata  —  Feb 20 - 01:00 PM

Citi discusses Gold prices and notes a setup in options markets reminiscent to 2010/2011 when Gold last traded to $1,800-1,900/oz before declining through 2015.

"Cit analysts point to the set-up in Gold options markets and call skew as being reminiscent of 2010/2011, when Gold last traded to $1,800-1,900/oz. Meanwhile, gold net long positioning—when normalized for the expanded asset base—is at only half the levels of the 2011 peak. Slowing physical demand in Asia, especially jewelry sales, which still take down ~45% of annual world supply, is a bearish risk for bullion," Citi notes. 

"But investor inflows and central bank gold buying are significant buffers for gold consumption and more importantly, the gains in Gold come even as the USD continues to strengthen (breaking the inverse correlation between Gold and USD)," Citi adds. 

Citi Research/Market Commentary


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