Boring GoldGold has gone nowhere for months. Vols have collapsed, specs remain heavily depressed, and the market has largely stopped caring.Yet underneath the surface, several dynamics are quietly starting to shift again. Gold is now approaching a major technical area just as positioning finally shows signs of life, while the huge divergence versus the Japanese long end may be setting the stage for another squeeze higher.
Gold Is Quietly Becoming The Most Ignored Trade Again
Japanese bond yields are exploding higher again. Gold has completely stopped reacting. That divergence is starting to look dangerously stretched.








