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.