Gold This Morning From Jonathan...

Modest overnight trade including the last scraps of the APRIL-JUNE roll. Given the typical stormy activity on the confluence of roll week, option expiration, end of quarter, government auctions, and NFP when our boyz who never met a bottom-line flagrantly attempt to manage gold prices, (just in case a move higher might tip off some unsuspecting sod that the reason his kid's morning Wheaties box has shrunk by 10% just might be inflation) we really have performed remarkably over the past couple of sessions. GSR this morning is at a new low ~37.90; the posse is quenching its thirst at this punch bowl and Uncle Ben can't get close to taking it away. Down in the COMEX ring yesterday there were a series of very bullish option strategies...a major global bank bought ~4500 red (the following year i.e. 2011) JUNE 2000 calls outright f0r ~$10 million. Gold open interest continues to deflate and is ~496,000 basis Tuesday and relative strength is ~53.0. Today: Under-owned and apparently unloved it's time to fill out your gold dance card; don't be a wallflower.