Gold bugs are going to hate me for saying this….but I’m taking profit on the long gold view I’ve had on since last December. Gold has outperformed a lot of assets in global macro, and kept pace with the S&P 500 (both up 23.5% during the time I was long). It benefited from worries that the Fed would tighten the economy into recession, and have to reverse their tightening by embarking on a cutting cycle.