It's Goldhammer Time

``People are buying upside calls for the first time in forever. The old call skew--where call options are more expensive than put options--is coming back. They are selling puts to buy calls (risk reversals) and call spreads (call spread collars). Just about every bullish options structure is being put on in gold. There was a parabolic move up to 1,250, and now it is consolidating. There will be another parabolic move soon, probably up to 1,400.''