Last week a three-man team from the Gold Anti-Trust Action Committee (GATA) presented to an audience of more than 70 people including portfolio managers, brokers, journalists, and gold mining executives in London. The event was hosted by Adam Fleming, chairman of Fleming Family and Partners and South African gold company Wits Gold.
Peter Hambro, chairman of Peter Hambro Mining (and former gold trader), was in attendance and highlighted the significance of the massive buying of call options in the June and December 2009 Comex gold contracts. Last week’s Thunder Road News discussed Adrian Douglas’ analysis of this situation and noted that his sources are telling him the buyers are the two banks closest to the U.S. government. Hambro believes that this option buying might reflect the closing out of carry trades.
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