Thomas Vitiello and Paul Sacks are long-time members of the Comex whose off-floor strategy has led to trading success in the electronic world. Their commodity trading advisor/commodity pool, Aurum Options Strategies, has performed well in its first two years of trading by exploiting the opportunities provided by high-frequency trading algorithms instead of fearing them as so many managers do. "As a result of the GLD (gold exchange-traded fund), gold has become quite equitized, and because of the options listed on the GLD, there is this highly efficient, high-volume arbitrage going on between the options on Comex and options on the GLD," Sacks says. "Thomas and I have realized that the days of being a market maker have passed and the days of becoming an intelligent market taker, taking advantage of this degree of liquidity, are the future [for] gold."
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