Turns out all that glitters is not gold.
Selling in the precious metal just keeps getting worse, with the GLD ETF
now down 25% from its intraday record in February. Options trading in the fund has turned bearish in a hurry and is now pointing toward further downside.
Even after another 3% drop on Wednesday, traders sold more calls than they bought and of the $200 million in options premium traded, $130 million was tied to puts, according to data from ThinkOrSwim and SpotGamma. Of the top 10 contracts traded, eight were puts, and more than half of the put premium was traded at the ask or above, meaning the contracts were mostly bought.
The most popular put contract by volume in GLD is currently the in-the-money 380-strike expiring today. The second-most popular is the 240-strike expiring in June 2028 – at $11.50 per contract, that’s a deeply bearish bet that gold will fall another 40% over the next two years.
Link: https://www.cnbc.com/2026/06/10/as-golds-tumble-continues-traders-bet-the-pain-may-last-for-two-more-years.html