is this the beginning?, page-33

mtl

"perhaps another explanation might be that last night's action wasn't the doings of harried put sellers but the machinations of call sellers who wanted as many calls (which they have sold) to expire worthless as possible :)"

An ingenious theory, but unlikely.

The June open interest dropped from 125,237 to 99,147 on Tuesday, which suggests that trades were being closed out rather than opened. Who would want to risk opening new shorts three days before the end of May and risk being caught short, unless they already have the gold to deliver next week?