24
Feb
2013

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

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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.

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