This from Ed Steer's Daily Commentary
As I noted yesterday... and as Dennis Gartman mentioned as well... there's a huge pile of December gold call options at the $1,200 strike price. The CME preliminary report for Wednesday's trading shows that there are still 28,157 call options at that price... down 1,696 from what was reported on Tuesday. But there are also 9,187 call options at $1,300... 12,319 at $1,400 and a huge 15,658 at $1,500... plus 2,892 at $1,700... 9,696 at $2,000... and 5,189 gold call options at $2,500. These are big numbers! Either somebody knows something... or there are a lot of traders out there that want to throw their money away, regardless of the price of the option when they bought it.