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Gold Surges To Two Week High As $1,400 Level Exposes Many To Pin Risk

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Tyler Durden
Zero Hedge
Tuesday, December 28, 2010

Considering our level of nervousness following an uninterrupted battery of gold endorsements by Cramer, we felt much better when a week ago Doug Kass decided to bash gold based on his half-reading of Howard Marks’ latest letter. To be sure, we assumed that this merely opens the way for yet another year end rally to all time highs, in line with the prediction by John Embry from two days earlier. And it may happen just yet: gold has surged by $8 in just the last 8 minutes and appears to be on track to surpass the $1420s record highs on short notice.

Gold Surges To Two Week High As $1,400 Level Exposes Many To Pin Risk

As FMX Connect shows, the pin interest in the January gold options which expire today, is highest on the put side at $1,400 which may explain why holding this level may be critical for the market makers seeing to make profits on OTM expiration.

Gold Surges To Two Week High As $1,400 Level Exposes Many To Pin Risk

This article was posted: Tuesday, December 28, 2010 at 11:37 am





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