November 26, 2020 07:10 PM RSS

Gold Is Having A Strong Day. More Ahead

  • Wall Street Rebel | Geoff Garbacz
  • 09/12/2018 1:59 PM
Gold Is Having A Strong Day. More Ahead

In our options newsletter Gold and Energy Options Trader, we went long gold via the SPDR Gold Shares ETF (GLD) at the end of August. Why?

Gold via GLD had started a negative trend in January and has continued to make lower highs all year. Finally, it seemed like the low for the year was put in during the month of August. So we jumped at the chance.

We recommended going long GLD calls for October to give some time for the trade to work and GLD was at $114.16. This afternoon GLD is at $114.35. The cost of the call was $1.48 and is now at $1.74 which shows that the "smart money" is in this trade because investors are having to pay up for calls.

We recommended the calls on August 29th and with decay kicking in the calls should be flat not up 15% like they are today. This tells us that smart money is FINALLY coming to GLD. 

Looks like we could have a nice gain in the next couple days if GLD can clear $115. 

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