What a breathtaking run it's been in gold since the breakout at the start of March.
We're at fresh all time highs, up $37 to $2326 after an earlier dip to $2268 was run over. Gold is up in eight of the past nine days.
There is no doubt that it's overbought on almost any metric but I think there's a strong case to be made that retail hasn't arrived yet. Gold is also a relatively small market that's suddenly getting some attention on CNBC. If retail and option traders start piling in, it can move.
That begs the question: What's driven the move thus far.
I think it's abundantly clear that it's central bank buying, and very likely China.
Here is a great chart from Tavi Costa.
Perhaps the tell was yesterday when China was on holiday and gold fell, along with a rally in bonds.
