Gold, Bonds And The US Dollar

Offsides Positioning In Gold, Bonds And The US Dollar Will Make For An Interesting Fall

We are living through a period of extremely crowded trades at the moment, as Jeff Gundlach notably quipped several days ago. The risk in crowded trades is of course that what would otherwise be relatively minor risk reversals can cause massive covering of positions resulting in large moves in the underlying. Ditto when those positions are levered, like options or futures contracts. But right now we observe not only one crowded trade, but two (short gold, short treasury bonds) going on . . .

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