Farmboy – a good flat position with your JDST hedges is working like you wanted, the added bonus is your upside on the recent buys of the individual names. Nice work.
R640 – you could have hit that speculation on the outcome of the French elections spot on. Like you said, going in pm’s are oversold so a Macron win might not hurt gold all that much and may in fact serve to rally the Euro vs. the USD. A LePen win might shake things up temporarily overnight but would likely cause the USD to rally.
So, as you say gold may be OK to hold regardless of the outcome.
Good catch.