🟡 Unusual activity spotted in gold options. A large buyer has been accumulating December gold call spreads ($15,000 / $20,000) on COMEX. For full payoff at expiry, gold would need to rise dramatically but the position can also benefit from a sharp rally or volatility spike before expiration. The trade began after gold hit a record ~$5,600 in late January and has continued even as prices pulled back below $5,000, with open interest rising to ~11,000 contracts. Positioning suggests expectations for a potential large move in gold. 📊.

🟡 Unusual activity spotted in gold options.
A large buyer has been accumulating December gold call spreads ($15,000 / $20,000) on COMEX.

For full payoff at expiry, gold would need to rise dramatically but the position can also benefit from a sharp rally or volatility spike before expiration.

The trade began after gold hit a record ~$5,600 in late January and has continued even as prices pulled back below $5,000, with open interest rising to ~11,000 contracts.

Positioning suggests expectations for a potential large move in gold. 📊.