Amid gold's best start to a year since 1974, options traders continue to bet on more gains.
Despite the near 17% gains in 2016, put options (bearish bets) have been cheaper than bullish bets (calls) since January 14th.. and options holders own more bullishly biased options overall…
As Bloomberg notes this is the longest streak of bullish "skew" since June 2009, after which gold took off from $900 to $1900.
And most notably, the "excess" skew has been wrung out, just as it did in mid-2009, providing considerably less "short-squeeze" ammo for any speculative downswing attack.
Charts: Bloomberg
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