21 Oct 2025 12:51:17 ET │ 10 pages Global Macro Strategy Gold Debased? Take Profit CITI'S TAKE Gold has sold off 4.7 standard deviations today. We had flagged that prices were stretched to levels previously associated with pullbacks and had reduced our long position accordingly. We had also pointed out that the so- called debasement trade was very narrow. We were running our remaining long spot position with a tight trailing stop, which we have now traded through. As such, we take profit on the trade and cu ...