Finally, a conversation yesterday with a friend in NY, we were reminded of the huge option position taken by “someone” in spot gold at the $1200 strike price that expires in a week and one half. The seller of that option was comfortable until recently, but now as expiry approaches what seemed like a relatively riskless position now appears more and more risky instead. As liquidity dwindles next week because of the long US Thanksgiving holiday, and with gold moving ever closer to $1200, we wonder how uncomfortable the holder of that short position feels? Certainly less comfortable than when the option was sold several weeks ago.