✌️🪙$PAXG The largest US gold-backed ETF, $GLD, 3-month PUT skew has surged to ~1.19, the Highest Level on record. $XAU $XAUT

XAUUSDT

Διην.

4,200.63

+0.91%

XAUTUSDT

Διην.

4,184.45

+0.92%

PAXGUSDT

Διην.

4,193.47

+0.90%

At the same time, the $GLD 3-month CALL skew has collapsed to ~0.99, the Lowest Level on record.

This proves that institutional and retail appetite for chasing upside momentum or making bullish bets has completely evaporated.

Meanwhile, gold is down -25% from its January highs, though still up +25% over the last 12 months.

Investors are EXTREMELY bearish in gold options.