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Somebody with deep pockets making a big bet…on gold.

Mark Jeftovic
By Mark Jeftovic / February 24, 2013

A couple days ago, while Business Insider’s Joe Weisenthal was gleefully hyperventilating about gold’s “death cross” (recall the “Joe Weisenthal can’t fail contrarian gold indicator here“), somebody undauntedly stepped up within the last 3 minutes of the trading session and made a 5.3 million dollar bet on out-of the money calls on the big three gold miners:

250,000 Barrick Jan 14 90C @ 0.09

156,312 Goldcorp Jan 14 80C @ 0.07

200,000 Newmont Jan 14 80C @ 0.10

See OptionMonster’s “Huge buying in gold miners at close“. For any of these options to go into the money the underlying stocks would have to at least double before January 2014.

About the author

Mark Jeftovic

Mark Jeftovic is the creator of Wealth.net, founder and CEO of Canadian domain registrar and DNS provider easyDNS.com and member of the indie rock sensations The Parkdale Hookers.

His personal blog is at markable.com

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