Those calls were highly leveraged to New Gold's share price, so the buyers definitely believe that some upside could be in the cards. The volume kept running throughout the day and ended above 54,000 contracts, more than 30 times the previous open interest.
The Canadian precious-metals miner held its 100-day moving average for most of the session but fell late and closed at $10.70, down 5.31 percent on the day.
Total option volume in the name was 25 times the daily average, and calls outnumbered puts by more than 8 to 1.
Second Opinion: Bullish on Precious Metals...in the Short Term
—Najarian owns NGD shares.
Options Trading School:
Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.