Gold Call Options Are Getting Wild

With only about four months left until December expiry, some of the positioning in COMEX gold options is hard to ignore.

$4,800: +613 calls
$4,900: +393
$5,000: +497
$5,200: +211
$5,500: +862
$10,000: +1,039

And further out, the strikes get almost surreal.

There are currently around 36,495 open calls at $15,000 and 38,018 at $20,000.

That obviously doesn’t mean gold is expected to reach $15,000 or $20,000 by December. Deep OTM calls can be cheap speculation, hedges, or parts of more complex option strategies.

But with gold already pushing through major technical levels, the amount of activity at these extreme strikes is fascinating.

Four months to expiry. $10,000, $15,000 and even $20,000 gold calls on the board.