Even Goldmember might sweat this one. His favorite precious metal has plunged by 22% since February as the Iran war ignited rate-hike fears, while rumors of sovereign selling piled on pressure. Now, as the market debates whether to buy the dip, a new wave of always-on trading products is racing to cash in.

• Amid the sell-off, China acquired $5.7B-worth, with Poland joining — as Morgan Stanley set a year-end target of $4.45K per troy ounce.
• That comes as UBS argues falling real rates and lingering geopolitical risk could revive gold’s appeal — with analysts calling the dip a buying opportunity

The obvious fix: With the metal sitting 10% below its 200-day moving average, a new battlefront is emerging. Kalshi filed for perpetual futures on gold, silver, and platinum the same week CME launched its own 24/7 gold futures. The former aims to offer never-expiring, leveraged trading, but the CFTC already jammed a separate bid for round-the-clock oil futures. Prices are down, rates are up, and central banks are split… so the obvious solution is leverage.