Calls on the SPDR Gold Shares (GLD) are seeing some action, as some players might be unwinding bullish trades amid a sell off in gold. Falling crude oil and dollar strength conspired to send the precious metal down $23 to $925.50 an ounce Wednesday morning. In the GLD, the September 100 calls, which have open interest of more than 159,000 contracts, are the most actives. 20,000 have traded, with recent blocks trading bidside. Some players might be trying to salvage losing positions on the view that it is becoming less likely that GLD will move above $100.00 a share by September options expiration. GLD, which is an exchange traded fund that holds the yellow metal, is trading down $1.92 to $91.14.
Category: All ETFs
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.