$1,000 Gold by April–Maybe!

Gold speculators are betting gold will hit $1,000 an ounce by April. Open interest in options that allow the owner to buy gold for $1,000 by April increased 24% this year to 9,934 contracts, up from 8,005 at the beginning of the year.

Open interest in options that allow the holder to buy gold at $1,000 by April surged to 9,934 contracts as of Feb. 6 from 8,005 at the start of the year on the New York Mercantile Exchange’s Comex division. Mounting financial turmoil is boosting demand for the precious metal as a haven. Since Jan. 15, the price of the option has almost doubled, outpacing the 12 percent gain in gold futures.

I have noticed that many gold miners are also moving up. Commercial short positions are falling, Large Speculator longs are increasing/