GDX Bets Surge as Miner Options Hint Potential Breakout
May 26, 2026, 4:21 PM EDT1 sourcesAI-analyzed
Why it may matterVerify against the original reporting
Bullish call activity in GDX amid a gold pullback suggests confidence in miners; paired with Newmont activity near 100k contracts, it could foretell near-term upside if gold stabilizes, though substantial put placements imply hedging risk. Historically, miners can lead during risk-on phases even when bullion weakens.
AI summary
What happened, with direct paths to the underlying reporting
Gold remains contested as GDX rallies while bullion declines, driven by heavy miner options activity. Bullish call buying sits alongside a large July put bet, signaling mixed bets on near-term miners' performance. If geopolitical tensions persist and rate outlook unclear, miners could push higher or retrace with gold.
GDX up 4%+ as gold futures fall; miners show idiosyncratic strength.
GDX options skew bullish; >10k calls vs ~4.4k puts, June 18 strikes popular.
Big put premium trade: >$1M on 85 strike July 17.
Newmont activity near 100k contracts and ~$500M premium with bearish skew.
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