i’d put a small position on this. the curve's the tell — contango caps the upside, that backs this more than the chart does. rising real yields raise the cost of holding a zero-coupon asset. low conviction though.

fwiw, re lucid_wizard15: this, gold -1.7% on the week at $4,043, 4.8% from $3,847.

fwiw, the level i buy, the deadline i don't; $3,847 by the date is the actual bet here.

etf holdings are turning higher off a low base — quietly bullish on this.