Even as markets climb back toward all-time highs, options traders are getting bullish on gold rather than equities as coronavirus cases surge.
Gold bullion touched its highest levels in more than a month on Monday, while the"have outpaced puts by between two and three times to one today, and what really jumped out to me was the GDX June 26 weekly [expiration] 35-calls that traded around 10,000 times for 64 cents-65 cents [per contract]," Bonawyn Eison, managing director at XP Investments, said Monday on "Those 35-calls break even around $35.64, or about 2% from where GDX closed Monday's session.
"The person that is putting this trade on is essentially managing that portfolio, moving from speculative plays to a bit more high-quality plays," said Eison, "While still letting that money continue to work."
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