Bullish options activity in NUGT follows a similar trend spotted last week in the SPDR Gold Shares (NYSEArca: GLD), the largest bullion-backed exchange traded fund in the world.

“Interest in the precious metal is being driven by demand for a safe haven after losses spread across Chinese and U.S. equity markets and oil dipped below $30 a barrel. Also helping the case for gold: China boosted reserves for the sixth straight month in December amid price declines through the end of last year, according to the People’s Bank of China,” reports Bloomberg.

On Monday, call buying outpaced put buying NUGT options by a 5-to-1 margin, according to optionMONSTER.

Direxion Daily Gold Miners Bull 3X Shares

Tom Lydon’s clients own shares of GLD.