Important Note to Roll Out Your Short GLD CALLs

We’re getting in touch today for a single purpose.

And what’s that…?

We’ve got a wee more gold fixing to do.

Back on April 17^th, in a letter called Not For All the Gold in Egypt!, we recommended a bearish bet on the SPDR Gold Shares ETF (NYSE:GLD).

Then, on June 13^th, with the trade floundering, we wrote a letter called Gold Fix, in which we recommended you take the following action to fix the initial SNAFU –

Sell the 127 CALL for $0.48, buy back the 122 CALL for $3.50, and sell the July 5th 123 CALL for $3.20.

That gave us another $0.18 on our initial credit and another three weeks breathing room.

But…

Today, we have to continue with the rollout, as the options are in-the-money and about ready to expire.

So, we offer the following –

Buy back your GLD July 5^th 123 CALL for $10.80, and sell the GLD July 19^th 122 CALL for $11.65. 

In so doing, you buy another two weeks and add $0.85 to the aggregate premium you’ve collected to date.

When the time comes to close this bovine down, we’ll have ourselves one meaty tenderloin profit in hand.

And a proper sacrifice for the Temple.

Patience…

Eschatologically yours,

Alan B. Harvard

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