That was less than a week after a similar trend was seen with GLD. On Monday, call buying outpaced put buying NUGT options by a 5-to-1 margin, according to optionMONSTER.

“Gold is up almost 6 percent this year, compared with a 6 percent loss for the S&P 500-stock index. This is a major turnaround from the past two years, when gold ETFs were down 34 percent, and $33 billion flowed out of those funds,” according to Bloomberg.

SPDR Gold Shares

Tom Lydon’s clients own shares of GLD.