Gold This Morning - No Volume --'J'

Unsteady volume all night with a brief run of stops has gold a couple of bucks easier this morning. GSR elevated slightly to 66.40 and open interest increased just over 5,000 contracts. Yesterdays volume was the lowest for DEC since it became the front month; behind the scenes there were a number of large option spreads from recognizable players setting up DEC call spreads and most likely taking advantage of option vols that are back at 15ish. I just checked open interest on at the money DEC options and was surprised to see the 1200 put/call ratio at 1/3 and the 1250s at 1/4...where are the bears? Today? Tomorrow? We are now clearly stalled with a lack of volume mitigating our course so focus on the bond bubble and junk spreads for amusement unless we leave this trading range below $1220 or above $1230. I'll be on the road in Central Asia until August 29th so communications will be sporadic for a while.