The spot price of gold is flirting with breaking $1000/ounce today:
Go gold! My faithful readers (all three of them) know that I am long IAU and GDX. I wrote covered calls on GDX (plus a few extra uncovered ones) and some covered calls on IAU to generate a little bit of yield. I figured why not, as gold had stayed in the $900-980 range for several months. If my holdings are called away, I'll buy them back in a wash sale. I'm just glad to see my patience with gold finally pay off. :-)
The gold contract for December delivery traded up $6.50, or 0.7 percent, at $1,003.20 per troy ounce on the New York Mercantile Exchange. It had gone as high as $1,009.70; that is the highest since it hit a record of $1,033.90 on March 17 last year.
Go gold! My faithful readers (all three of them) know that I am long IAU and GDX. I wrote covered calls on GDX (plus a few extra uncovered ones) and some covered calls on IAU to generate a little bit of yield. I figured why not, as gold had stayed in the $900-980 range for several months. If my holdings are called away, I'll buy them back in a wash sale. I'm just glad to see my patience with gold finally pay off. :-)
