Those contracts (Dec) were mostly put on months ago in one day and thought to be mainly by one trader/institution. They have probably been sold by that one player over the months racking up a good profit once gold moved above $1,000.
My best source indicates that a lot of the $1,200 calls are being rolled out (sell this month buy future month) which is not uncommon. Up until a couple of weeks ago the OI after dec was relatively thin. Future months OI is now filling out with $1,200 still looking like the first ceiling but we will find out the primary ceiling in the first week of Dec .
My ignorant guess is that the ceiling will move up as gold gets into mid Dec. We have some rough days coming up in the first half of Dec but Jan - Mar may be very good for us. Seasonal, technicals, and fundamentals all coming together. Maybe pic can update us on what the planets have in store. It would be great if all factors were all coming together at once!
The crimex is feeling the pressure of lack of physical to settle contracts and the big tungsten weight hanging around their neck.
