Options Tricky Question

["Michael E. Strupp" <combat@xxxxxxxxxxx>]

Dear Options Traders From Around The World:

I'm currently taking a course on futures at the Illinois Institute of
Technology, and as part of a mid-term exam, we were given the following
tricky question:

"Can Options Spreads Be Used To Create Synethic Loans?"

Now, I'm a bit stymied by this question, and as I understand it, it is
asking whether there is someway to capture the cost-of-carry (which, for
a commodity like gold, generally exhibits a full cost-of-carry forward
curve) by using options.  My initial answer to this question is yes, and
I would capture the cost-of-carry by creating synethic futures from
options for different expirations and then trading between them but I
can't quite figure out how it would work.

Any suggestions from any options gurus out there?

Thanks!

Michael Strupp
Chicago, IL