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2026-02-16 23:22:37
[Gold Bulls Ignore Sharp Correction, Continue to Add to Long-Term Call Options Positions] Many investors firmly bullish on gold have disregarded the historic correction in the precious metals market, continuing to bet on gold prices potentially reaching new all-time highs. At the end of January, New York gold futures prices briefly reached a record high of $5,600 per ounce, before experiencing a sharp decline the following day. During this period, one or more investors began establishing long positions in December-expiring call option spreads with strike prices of $15,000/$20,000 on the COMEX division of the Chicago Mercantile Exchange. Even with gold prices currently consolidating around $5,000, this position continues to be added to, now holding approximately 11,000 contracts. Akash Doshi, Global Head of Gold and Metals Strategy at State Street Investment Management, stated, "Seeing such a large number of deep out-of-the-money call option spread contracts after a technical correction is indeed beyond market expectations." He also mentioned that some traders may view these positions as low-cost speculative opportunities.
