I read on the gold stock boards that DB, JPM, C and others have been leasing gold from the Central Banks and then writing out of the money calls on it to boost their earnings. These sound like naked calls to me. As long as gold stayed in the $200s and the strike price of the calls was in the $300s, the banks basically printed money. But now that gold has broken through technical resistance, they are scrambling to cover. This short squeeze pushed the price of gold to over $312 today. Some gold stocks were up over 10%. Anybody have any idea how big DB's gold derivative exposure is? Is it on their books, or will this be another nasty surprise?