Uncertainty about the elections prevails. Despite higher real yields, market participants' trust in US treasuries is diminishing. Gold and equities are getting the capital flow. Gold prices have already decoupled from real yields. I bet the equities will follow.
That said, the probability distribution of expected events is blurred. Typically, precise probabilities for market developments are impossible to attribute. However, now they are more impossible than usual.
Uncertain and turbulent times require special measures. Now, let’s talk about volatility and options.
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