After a year of almost uninterrupted bullish bias in precious metals options markets, gold skews (the 'price' of put protection over calls) has exploded to its highest (most bearish) leves since July 2015.

貴金属オプション市場は一年ほど一方向に動いていたが、ゴールドskew(コールに対するプット比）が２０１５年７月以来の高値（最もベア心理）となった。

As Bloomberg reports, bearish options hedging against a 10 percent price drop in the biggest gold exchange-traded fund cost the most since July 2015 relative to calls betting on a 10 percent jump.

ブルームバーグによると、最大ゴールドETFの１０％下落をヘッジし、１０％上昇に対する相対的な、ベアオプションコストが２０１５年７月以来の最大に。

And as is clear from the chart below, the last 3 times that options skew sentiment has become this bearish, the price of gold has soared (Nov 2014 +16%, Jul 2015 +11%, Nov 2015 +21%)...

そして下のチャートを見れば明らかだが、このオプションskew心理がここまで弱気になった過去三回で、ゴールド価格は急騰した(Nov 2014 +16%, Jul 2015 +11%, Nov 2015 +21%)・・・

Which combined with the collapse in large spec longs...

これはlarge specのロング暴落と重ねてみると・・・・

Makes us wonder if its deja vu all over again...

これがまた繰り返しのデジャブーならおどろきだ・・・・