Citadel Securities’ Rubner Sees Fresh Upside Case for Gold and Silver

Citadel Securities’ Scott Rubner has turned more constructive on gold, arguing that precious metals are entering one of their more compelling upside setups in months. His view comes as markets price a more dovish Federal Reserve path, while a weaker U.S. dollar and continued central-bank demand provide additional support.

Rubner also highlighted net-short positioning among trend-following funds in both gold and silver as of Aug. 6. If prices break higher, short covering and systematic buying could add momentum to the rally. Options markets are also showing stronger upside positioning, with implied volatility rising and put/call skew shifting in favor of calls.

China’s gold purchases and the potential return of retail demand were cited as additional sources of upside.

Trader outlook: The bullish case for precious metals is increasingly tied to several independent drivers rather than a single catalyst. Traders may watch Fed expectations, the U.S. dollar, CTA positioning and price breakouts for signs that renewed institutional demand is translating into sustained momentum.