Bullish positioning in gold is surging: The difference between call open interest and put open interest on the gold ETF, $GLD, hit ~2.4 million contracts this week, its highest level since February. This gap has increased by +1.0 million contracts since Japan’s intervention to support the Yen 3 weeks ago, with the increase accelerating after the US Treasury unexpectedly doubled its planned buybacks of long-dated government debt on Wednesday. This is also more than triple the 2021-2024 average of ~0.8 million contracts. A similar spike to ~2.8 million contracts was recorded in January and February, as gold prices surpassed $5,500/oz for the first time. Renewed macro and currency uncertainty is once again driving investors to aggressively bet on gold to rise. Sentiment is shifting again.

Investor positioning across Asian equities is shifting and opportunities are becoming more market-specific to China, Japan and Korea as flows diverge. Our experts dive into what's driving these shifts in the latest Barclays Brief. 🎧 Listen now:

small adjustments to positioning. tp'd pons for +35% and rotated into sol/pf longs. both are printing clean bullflags across mtf's. just doing a little frontrunning of where i think attention flows next

Global CTA positioning... Seeing some heavily lopsided positioning across a few assets heading into FOMC. Expecting brutal intraday vol—keep your heads on a swivel for nasty whipsaws. #oott# $TLT $spy

Nigerian healthcare investors are positioning to take advantage of untapped commercial opportunities in a sector that new research says will generate more than $50 billion in sales by the end of the decade.