Buy US Gold miners

We think the Fomc meeting outcome is very dovish and thus bullish on gold. Gold miners – GDX US- have broken their current bearish trend and should rebound towards their 2029 high circa 31.
We initiate a convexity exposure for 10pct nav through march 2020 call strike 28. This creates a barbell in our portfolio, which if equities zig, gdx zag.