NUGT covered call expiration ($102 strike)
Closed NUGT covered call, which I had entered yesterday:
- long position of 200 shares of NUGT, bought for $100.614 covered
- short 2 contracts of 6/17/16 expiration $102 strike calls, sold for $4.10.
Initial total cost after commission of the covered call was $19,320.30. Total proceeds after commission were 20,382.60 for a profit of $1,062.30, or $5.31/share.
I could have bought back the short call position at a profit, but I felt that ultimately the UK would remain part of the EU or, at least, that the shooting of Labour PM Joe Cox would boost the odds of that outcome. This would stabilize global currency trades, and diminish demand for gold. So, I just let the market take me out of the position.