hmmmmmmmmmm
this is on kitco nadler letter.


"Resistance at the $1,100 an ounce mark is however expected to be strong" said Carl Johansson, Sr. Precious Metals analyst at Goldessential, referring to the large open interest of call options for the December COMEX contract, with strike price at the level. Some 12,222 calls - the equivalent of around 38 metric tonnes - are currently situated at the $1,100 an ounce mark, Johansson said, adding that "the writers of these call options would very much want the price to remain below this level, and may put up a fight."

A peculiar thing is that the open interest in the COMEX $1,100 December call option (EGCZC1100) moved up around 40 pct from some 9,000 to above 12,000 lots on October 15, the day the contract backed away from its previous record high of $1,072 an ounce, Johansson said, adding that most likely, someone or some may have thought that things had topped out and that it could prove lucrative to write out these call options. Johansson believed that the writers of these calls could have had some sleepless nights recently, and that setting up a fight to safeguard the price from breaking too much above the $1,100 level could be a quite difficult task. Speculators are still hunting for it. There are no guarantees on both sides, although I expect the volatility to increase as the price nears that level."