via INO.com - February Put/Call Options

None of the put options are in the money for February expiry, but a good number of call options are. Put contracts out of the money are also very expensive, while call options prices with a strike price just below the spot price are extraordinarily cheap.

With the President's day weekend, gold prices were clobbered prior to options expiry on derivatives, which usually sees some volatility. But it might not be enough. That would make March interesting for the sole reason that delivering on gold futures contracts is next to impossible.

Plus we've broken out of a very protracted skew.

http://quotes.ino.com/options/?s=NYMEX_GC.G16.E

-F6