So as of today at 9am for bond hedge /zn and 1pm for gold, my macro hedges are back on, seeking to buffer my positions from Knightian uncertainty. These positions are more a hedge against uncertainty than risk. They aren’t the same thing and I haven’t done a good job of explaining the difference in my portfolio construction.
In any case, the summer scare is either over or setting us up for a real summer of hurt. I hope to be secure in my process either way…