economy
A battle is brewing in the gold pits. Here are the winners and losers
Options volumes leaned bullish in both the SPDR Gold ETF (GLD) and VanEck Gold Miners ETF (GDX) on Tuesday.
TL;DR
- Options trading in gold ETFs (GLD and GDX) shows a split between bullish and bearish bets.
- GDX saw strong bullish call volume, with calls outpacing puts.
- One large trade involved buying out-of-the-money call options on GDX, requiring significant price increases to be profitable.
- Conversely, a substantial trade saw the purchase of out-of-the-money put options on GDX, betting against a rally.
- Newmont Mining also experienced heavy options trading, with a notable bearish skew including a large in-the-money call sale.