Gold Options Traders Boost Long-Shot Bets Even After Correction

Some staunch gold bulls are shrugging off the precious metal’s historic correction and holding out for another surge to unheard-of levels.

As bullion futures in New York hit a record high above $5,600 an ounce in late January, only to suffer an unprecedented plunge the next day, an investor or group of investors started buying December $15,000/$20,000 call spreads on the CME Group’s Comex exchange. Even after prices consolidated around $5,000, the position has continued to build, to around 11,000 contracts.