Newmont Mining (NEM) call options are seeing some early buying interest, even as the stock falls on weaker commodity prices. NEM is down $1.03 to $47.71 and the PHLX Gold and Silver Mining Index (.XAU) lost 5.50 points to 182.60 after gold slid $18.30 to $907.50 an ounce. Gold is seeing selling pressure on dollar strength and crude oil weakness. Crude has given back early gains and is trading down $2.30 to $129.89 a barrel. However, despite the decline in gold, some players appear to be stepping up bullish plays on Newmont, the second largest gold mining company. 4,478 of the July 55 calls have already traded, with 84 percent of that trade hitting on the ask.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.