Thank you all. This has been tremendously helpful and clarifies my thinking.
If I boil it all down, it seems to me, that we all agree fundamentally, and differ only by a matter of degrees:
Michael suggests that I sell my position and use (almost) ALL of the proceeds to buy a new position, at the money. This would be in line with my bullish outlook, but would put the gains I've already made at risk. Though I am bullish, I am not blindly so, and am concerned that GLD could reverse.
The other ideas, are all similar, except they are less aggressive. I sell my 75's, and use only part of the cash to take a new position somewhere up the chain. I like this. If I buy the 87s as suggested, my Break Even moves up only a couple of dollars, I put like $10 in my pocket, my new BEP ($91) is still well in the money, and my upside, should GLD continue to run, remains unlimited. Last, with the $10 in my pocket, my entire exposure on the trade is down to $4.
Great forum, thanks so much for your thoughtful replies.
Lance
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