A few interesting things to note about Gold’s climb above $1,283/oz today to a new all time high.

1) This isn’t as crowded a trade as you would expect in managed futures, with only Accela, APA, Auctos, Covenant, and (going long yesterday) Clarke Worldwide –  the managers we follow with long positions. (only about 30% of those we track daily positions for who could be long).

2) Gold remains about 50% below its all time high in 1980 on an inflation adjusted basis. (see chart here: https://inflationdata.com/inflation/images/charts/Gold/Gold_inflation.jpg)

3) Gold is not at new highs when priced in Euros or Yen, telling us this recent rally may be more of reaction to dollar weakness than gold strength.

4) If you are in the Gold is going to $2,000, $3,000, $4,000 or higher camp – be CAREFUL – there are a lot of BAD ways to get gold exposure. Read our past newsletter on: Gold Exposure: The Efficient Way

5) Avoid Gold Coins, and specifically Goldline: https://www.ritholtz.com/blog/2010/07/glenn-beck-goldline/