I look at many things to track sentiment. In terms of Gold we have COTs and various sentiment surveys among other things. The ISE put-call data has been the most reliable for me as well as my subscribers. Here is an updated look at the ISE put-call for GLD.
In two of the past few days we have seen the two highest put-call readings over the last four months. Note that the 7-day moving average has accelerated higher in the past few weeks.
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Jordan Roy-Byrne, CMT