Gold ETF (GLD) Options Call Buying Volume Surges

The GLD exchange traded fund (GLD), which tracks gold, rallied 1.60 percent to $97.73 after reaching a new six-month high. Heavy buying pushed call volume to more than three times average in the ETF.  The SLV ETF (SLV), which follows silver, leapt 4.60 percent to $15.92. Options action was considerably more cautious in SLV, with put purchases accounting for half the total volume, according to optionMONSTER data.

The rally in silver also drew attention to some less closely followed stocks. Volume in Pan American Silver (PAAS) soared to more than five times average amid heavy buying of the September 21 calls and September 22.50 calls. Options volume was more than twice the average level in Silver Wheaton (SLW), which is highly leveraged to silver prices.

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