More than one way to ride a bull - shift tactics in gold as liquidity crunch caps rally, says Tastylive’s Vecchio

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Mar 16

(Kitco News) - In the last two weeks, gold has been a discouraging trade, to say the least. Despite renewed chaos in the Middle East, gold has been unable to generate a safe-haven bid, with prices ...

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Despite renewed chaos in the Middle East, gold has been unable to generate a safe-haven bid, with prices ...</p>\n\n<a href=\"https://www.kitco.com/news/article/2026-03-16/more-one-way-ride-bull-shift-tactics-gold-liquidity-crunch-caps-rally-says\">Source Link</a>\n\n</div>\n","source":"kitco_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>More than one way to ride a bull - shift tactics in gold as liquidity crunch caps rally, says Tastylive’s Vecchio</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMore than one way to ride a bull - shift tactics in gold as liquidity crunch caps rally, says Tastylive’s Vecchio\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-16 17:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.kitco.com/news/article/2026-03-16/more-one-way-ride-bull-shift-tactics-gold-liquidity-crunch-caps-rally-says><strong>Kitco</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Kitco News) - In the last two weeks, gold has been a discouraging trade, to say the least. Despite renewed chaos in the Middle East, gold has been unable to generate a safe-haven bid, with prices ...</p>\n\n<a href=\"https://www.kitco.com/news/article/2026-03-16/more-one-way-ride-bull-shift-tactics-gold-liquidity-crunch-caps-rally-says\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://www.kitco.com/news/article/2026-03-16/more-one-way-ride-bull-shift-tactics-gold-liquidity-crunch-caps-rally-says","article_id":"2620938214","we_media_id":null,"thumbnails":[],"rights":{"source":"kitco_highlight","url":"https://www.kitco.com/news/article/2026-03-16/more-one-way-ride-bull-shift-tactics-gold-liquidity-crunch-caps-rally-says","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2620938214","pubTimestamp":1773653160,"columns":[],"sourceInfo":{"source_id":"kitco_highlight","name":"Kitco"},"weMediaInfo":null,"summary":"(Kitco News) - In the last two weeks, gold has been a discouraging trade, to say the least. Despite renewed chaos in the Middle East, gold has been unable to generate a safe-haven bid, with prices sta","collect":0,"end_time":0,"defaultTopTitle":"kitco.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","XME":"金属与采矿指数ETF-SPDR","DGP":"二倍做多黄金ETN(PowerShares)","BK4207":"综合性银行","IAU":"黄金信托ETF-iShares","GLDM":"SPDR Gold MiniShares Trust","GDX":"黄金矿业ETF-VanEck","GDXD":"MicroSectors Gold Miners -3x Inverse Leveraged ETN","JNUG":"金矿指数二倍做多ETF","GDXJ":"小型黄金矿业ETF(Market Vectors)","SGOL":"Abrdn Gold ETF Trust","IAUM":"ISHARES GOLD TRUST MICRO","BK4585":"ETF&股票定投概念","AAAU":"Goldman Sachs Physical Gold ETF","DZZ":"德银黄金两倍做空ETN","BK4535":"淡马锡持仓","DUST":"二倍做空黄金矿业指数ETF-Direxion","BK4504":"桥水持仓","GLL":"2倍做空黄金ETF-ProShares"},"translate_title":"Tastylive的Vecchio表示，随着流动性紧缩限制反弹，黄金牛市策略的不止一种方式","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"JNUG":1.5,"AAAU":1.5,"GDXD":1.5,"GDXJ":1.5,"GDX":1.5,"GLDM":1.5,"1OZmain":1.5,"IAUM":1.5,"DZZ":1.5,"DGP":1.5,"GLL":1.5,"XME":1.5,"IAU":1.5,"DUST":1.5,"SGOL":1.5},"content_text":"(Kitco News) - In the last two weeks, gold has been a discouraging trade, to say the least. Despite renewed chaos in the Middle East, gold has been unable to generate a safe-haven bid, with prices starting the new trading week testing support near $5,000 an ounce.However, despite gold’s disappointing price action, the precious metal’s bull trend is far from over, according to one market strategist. Instead, investors may need to rethink how they position in the market, as there is more than one way to ride a bull.In an interview with Kitco News, Christopher Vecchio, head of futures and forex strategy at Tastylive, said that gold’s weakness should not be surprising.  He noted that the current geopolitical crisis has created a liquidity-driven phase in markets that has limited gold’s immediate upside.He explained that while the metal is traditionally viewed as a safe-haven asset during periods of geopolitical stress, the early stages of major crises often favor cash — particularly the U.S. dollar — as investors prioritize liquidity.“At the start of this crisis, gold sold off, Treasuries sold off, stocks sold off, but the dollar didn’t,” Vecchio explained. “This wasn’t people abandoning U.S.-denominated assets — it was demand for the liquidity of the world’s reserve currency.”That liquidity impulse has weighed on precious metals in the short term, even as structural risks tied to supply chains and energy markets continue to build.Vecchio noted that disruptions tied to the conflict in the Middle East are beginning to ripple through broader commodity and supply chains. Oil futures are showing signs of tightening further out along the curve, while agricultural and fertilizer-related equities have started to rally as investors anticipate prolonged disruptions.However, he said these developments have not yet translated into sustained demand for gold.Historically, the metal often underperforms during the initial phase of major crises as investors rush for liquidity. Only after those concerns fade does gold begin to outperform.“Gold as we typically see in other crises — at the start of the global financial crisis or the start of COVID — went down first because of liquidity demand,” Vecchio said. “What happened on the other side of it is that it ripped and outperformed everything else.”Until the market moves beyond that liquidity-driven phase, Vecchio said gold could continue to struggle to establish strong upside momentum.From buying calls to selling putsAgainst that backdrop, Vecchio said traders may need to rethink how they position for higher gold prices.Over the past year, he has typically expressed his bullish outlook by purchasing slightly out-of-the-money call options, a strategy that worked well when gold was trending higher and delivering strong momentum moves.“The way I was really making money in gold and silver last year was buying slightly out-of-the-money calls,” he said, noting that the high convexity of those positions allowed traders to capture large upside moves with relatively small capital.But that strategy relies heavily on momentum. When gold begins trading sideways, those call options can quickly lose value as time decay erodes the position.Vecchio said he saw this play out last summer when gold repeatedly rallied and pulled back rather than extending its gains.“I was just paying the market for these lottery tickets that weren’t going anywhere,” he said.However, Vecchio noted that at the same time, some traders at Tastylive captured profits by selling puts, a strategy that maintains bullish exposure through positive delta while benefiting from time decay if prices remain stable.“They were expressing their bullish view on gold by selling puts,” Vecchio said. “Even though the market wasn’t going up, it also wasn’t going down — so they were long delta like I was, but they were making money and I wasn’t.”A delta-focused approachVecchio said that experience is shaping how he plans to position in gold in the coming weeks.He explained that he intends to hold onto his existing call positions; however, new trades will likely focus on selling out-of-the-money puts or put spreads rather than buying calls.“The prudent way to express being a bull right now is probably selling puts,” he said.This approach still gives traders positive delta — meaning they benefit if gold prices rise — but it also allows them to profit if the market simply stabilizes rather than delivering a sharp rally.“In this environment, timing when the liquidity crunch ends is difficult,” Vecchio said. “Gold may not go up — maybe it just stabilizes for a little while and bounces around.”Selling puts can also provide a cushion if prices drift lower because declining volatility can offset some losses in the options position.“If gold continues to fall, the volatility component of the short put spread should also come in, which can cushion traders from a more significant loss,” he explained.However, selling puts is also a riskier strategy, as potential losses can grow significantly and could be unlimited if gold prices fall sharply, whereas buying calls limits losses to the premium paid.Ultimately, Vecchio remains constructive on precious metals over the longer term. But he said traders need to recognize that the current market environment favors strategies that collect premiums rather than those that rely on immediate upside breakouts.Once liquidity concerns fade and macro risks become the dominant narrative again, he expects gold to regain stronger momentum.“If history is any guide,” he said, “once the liquidity concerns die down, gold should be in a much stronger position.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}