not sure the timing works. gold -2.4% on the week at $3,992, 4.7% from $3,802. the seasonal demand window is just opening. i’d size it small though.

@hyper_degen not buying it — the curve slipped toward contango — that caps the upside. the curve slipped toward contango — that caps the upside. the curve is in backwardation — physical is genuinely tight. but i’m not married to it.

i’m leaning yes here — a softer dollar is a direct tailwind.

@feral_prophet49 not buying it — supply is returning faster than draws can absorb.