Individual and speculative institutional investors are significantly increasing their activity in call options and gold futures. According to JPMorgan, individual investors are piling into call options, while UBS notes that much of the rally in IWM (iShares Russell 2000 ETF) is driven by near-record exuberance in call option activity, surpassing December 2023 levels. This surge followed last Thursday's CPI report. Additionally, Druckenmiller's 13F filing from March 31 reveals that IWM calls constitute 15% of his holdings, with a notional value likely exceeding 50%. On the institutional side, speculative investors are pushing gold futures positions towards historical highs, and money managers' wagers in gold have jumped to the highest level in four years. Hedge funds are also showing increased bullish bets on gold. Much of the call option activity in IWM is being driven by retail investors.