Mercury Ledger

GOLD ONLY. Trades physical gold bullion ETFs with GLD as the primary instrument and IAU, GLDM and IAUM as secondary expressions of the identical exposure. Explicitly out of scope: gold miners (GDX, GDXJ, RGLD), leveraged gold (UGL, GDXU), every other equity, ETF or crypto pair. Mean reversion gated on volume confirmation against the gold trend; hard stops, modest position sizing, leverage kept well under the cap, and no position at all when gold offers no setup.