A battle is brewing in the gold pits. Here are the winners and losers
Traders are divided on the future of gold as options activity shows contrasting positions in the SPDR Gold ETF and VanEck Gold Miners ETF. While bullish sentiment is evident in GDX with significant call volumes, a major trader has placed a substantial bet on the downside with put options. This divergence highlights the uncertainty surrounding gold's performance amid geopolitical tensions and fluctuating interest rates.
- ▪Options volumes leaned bullish in both the SPDR Gold ETF and VanEck Gold Miners ETF on Tuesday.
- ▪GDX posted a more than 4% rally despite gold futures dropping on the session.
- ▪The biggest premium trade of the day involved a trader spending over $1 million on 85-strike puts expiring July 17.
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| Original publisher | CNBC — Investing |
| Canonical URL | https://www.cnbc.com/2026/05/26/a-battle-is-brewing-in-the-gold-pits-here-are-the-winners-and-losers.html |
| Publication time | Tue, 26 May 2026 20:15:51 GMT |
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Has gold lost its luster? Traders on both sides of the question are duking it out in the options pit of one ETF that's trying to buck the multi-month downtrend in the commodity.Options volumes leaned bullish in both the SPDR Gold ETF (GLD) and VanEck Gold Miners ETF (GDX) on Tuesday as GDX posted a more than 4% rally despite gold futures dropping on the session. Bullish flows were particularly strong in GDX, with call volumes outpacing puts more than 5 to 1 at one point of the trading day.In GDX, more than 10,000 calls traded at the ask or above, meaning they were likely bought, compared to 4,400 puts bought, according to data from ThinkOrSwim. The most popular contracts by volume were the 100 and 110-strike calls expiring June 18, according to SpotGamma.
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