Gold Options Battle Heats Up as GDX Jumps 4%, Bears Make Million-Dollar Bet

Options trading tied to gold ETFs and mining stocks surged on May 26, 2026, as bulls and bears clashed over the metal’s next move, even with gold prices down nearly 20% from their January all-time high. VanEck Gold Miners ETF (GDX) rallied more than 4% on the day, attracting heavy call buying. Call volumes outpaced puts by over 5-to-1, with more than 10,000 contracts bought versus roughly 4,400 puts. Most activity centered on June 18, 2026, $100 and $110 strike calls—positions that require a double-digit percentage advance from current levels to turn profitable. SPDR Gold Shares (GLD) also saw bullish options flow. However, a notable bearish wager emerged. A single trader paid over $1 million for July 17, 2026, $85 strike GDX puts, betting on a pullback in gold miners. Meanwhile, Newmont Corporation (NEM) options volume approached 100,000 contracts, with a roughly $22 million deep-in-the-money call sale signaling potential profit-taking. The flurry of activity highlights growing division over gold’s path as geopolitical risks collide with an uncertain interest rate backdrop.