Positioning for the Next Move in Gold and Oil
With this post, we at MacroXX are sharing our current gold and oil strategy and how we are thinking about positioning in the current macro environment.
Free subscribers get our market views and selected commentary, but paid subscribers receive the full picture. At MacroXX, we share our entire portfolio in real time — every trade, whether it’s a win or a loss — along with the full rationale behind each position. That includes our entry and exit reasoning, risk management process, and how we structure trades using a combination of equities, options, and futures. The goal is not just to show what we are doing, but to explain why we are doing it so subscribers can better understand the strategy, positioning, and decision-making process behind the portfolio.
We remain constructive on gold, and our current positioning reflects that view. We do not currently own any oil, but we are watching for better entry points. For oil exposure, we would use UCO, while our gold exposure is centered on GLD.
GLD is an exchange-traded fund designed to track the price of gold. It gives us a liquid and efficient way to express a view on gold without having to hold the metal directly. In our case, the position is not just a tactical trade; we also own a substantial equity stake in GLD, along with several long calls expiring at the end of June. Most of our current option positioning across the portfolio is centered around end-of-June expirations, and we continue to actively manage those positions based on market conditions and risk-reward.
Our gold stance reflects the broader macro backdrop. Gold continues to make sense as a hedge against geopolitical uncertainty, inflation risk, and the possibility that markets are underestimating the fragility of the current environment. The call options give us upside participation, while the equity exposure provides a more durable base position.
On oil, we are not chasing the move. We do not currently have exposure, and we would rather wait for a cleaner setup than force a trade. The oil market remains highly sensitive to headlines, supply disruptions, and policy responses, but we want to be selective about entry. If we get the right price and the right technical setup, UCO is the vehicle we would use.
For now, the strategy is straightforward: maintain a strong gold bias, stay patient on oil, and wait for better opportunities rather than reaching for them. In a market like this, discipline matters more than prediction.
This post is educational and informational purposes only and does not constitute investment advice.