I keep referring to the fund as 'the fund', and slipping into the royal 'we', and using awkward constructions to avoid those offenses. Partly to placate that internal editor, and also because at some point it makes sense to name things, I hereby designate it The Treasury Fund.

Administrivia aside, this past month followed August's turbulent lead. The long-gold + short-usd trade fell off the tracks as shown by the following chart of gold versus the US dollar/Swiss franc:

The winner of this apparent flight to safety since the early part of August has not been gold. US dollar-denominated assets especially long duration US government debt seems to be the winner of that contest. The Treasury Fund ( TTF ) continues to maintain a short gold position amongst other hedges.

These counter-market positions helped prevent a further decline in valuation, despite September having a brutal effect on the S&P500.