Venezuelan President Hugo Chavez said he plans to return billions of dollars in gold reserves currently held in the U.S. and European banks back to his country’s central bank, Fox News reported.
“Option dealers are buying a lot of calls and they are very bullish. With the stock markets selling off, people are hedging their portfolio with gold buying,” Jonathan Jossen, a Comex gold options floor trader, told Reuters.
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Full disclosure: Tom Lydon’s clients own GLD.