It was interesting to watch the attack on gold prices all last week. It helps to watch each month the impact of options expiration and how many options are outstanding. For example, last week the Gold FEB option expiry was on Wednesday and the last trading day of the JAN contract on Thursday. In moving gold down from $1135 to $1090 the cartel had taken at least 11,909 call option contracts out-of-the-money. Looking at the open interest in the call options their optimal price target would be $1075 which would make another 8900 contracts expire worthless. However, if gold were to go instead to $1200 then 41,399 additional call options would be in the money. The difference is in the millions of dollars. The outcome then was not too surprising.