Gold 656 - holds 636 pivot low

Another buying oppty this morn with an opening gap. held fast, nibbled a bit on CALVF, pivots project to .26+ we shall see, the guys in the woodshed follow that one.

Evening update: Nice move into the close, A Saudi buys $480 mm of Gold, savy trade.
Gold now, 661.70 testing 661 area in Asia, no other trades, lookin for some fun with call options to position for fall timeframe. One enticing strategy is a synthetic long. Short Puts Long calls... so I'll post a paper trade on TRE - short the Oct 7.50 PUT long the Oct 7.50 CALL for a credit.

MUST READ: www.jsmineset.com Daily...

Someone's pretty smart...

Saudi firm buys gold for $480m
Posted: Monday, May 22, 2006

Private Saudi Al Othaim Jewellery Factory Group said it had bought 36 tonnes of raw gold from an African central bank for SR1.8 billion ($480 million).

'The price should include 20 per cent margin for the sharp fluctuations in gold prices in international markets,' Suleiman Al Othaim, board chairman of the Riyadh-based firm, said.

Delivery of the gold would start in the fourth quarter of this year, he said.

'We concluded the deal directly with the African central bank. The trade has its secrets, I can't tell you of which country it (the bank) is,' Al Othaim said.