Mining company Yamana Gold is down Tuesday along with the price of gold itself, but is still seeing some heavy call trading.
AUY's recent rise has been swift along with the Market Vectors Gold Miners (GDX) miners exchange traded fund and other mining names as they followed the precious metal past the $1,000 mark Friday.
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Even though gold and related equitives have pulled back since then, traders are active in the AUY March 8 calls, buying more than 10,000 contracts in just the first 30 minutes of today's session, according to OptionMonster's tracking systems.
Yamana stock is down nearly 7 percent in midday trading to $8.40, well above its $3.31 low from November but some 58 percent off its 52-week high. The price of gold is falling for its second consecutive day to around $970 an ounce.
I own GDX and GDX short calls.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of .