Interesting day today, with the US Dollar rally over 1%  sending grains and Sugar (-9%) off their recent multi-year highs…But Gold and Silver bucking the trend and rising about +1.5% despite the strong dollar, meaning the Gold rally is even more pronounced in a currency such as the Euro (down -1.5%).

The pop up in Gold is a mixed bag for managed futures:  good for Cervino Gold and James River who remained long despite recent down move, good for FCIwho recently sold Puts on bet prices would stabilize, bad for Clarke Worldwide who initiated a short position recently, and perhaps frustrating for programs like Covenant who were recently stopped out of their long position.

Of course, one day is nothing to get too excited about one way or the other…but interesting nonetheless.