Posted on July 4, 2019
We’re getting in touch today for a single purpose.
We’ve got a wee more gold fixing to do.
Back on April 17th, 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 13th, 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.
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 5th 123 CALL for $10.80, and sell the GLD July 19th 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.
Alan B. Harvard