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Hot Options Trading: Commodity ETFs

The options volumes on commodity ETFs are crazy busy Wednesday.

The GLD exchange traded fund, which is designed to reflect the price of gold bullion, is seeing some 90,000 contracts change hands against average daily turnover of 53,000. The USO, which reflects crude oil performance, is trading 78,000 contracts against average daily volume of 58,000.

In addition, the mining sector has seen 344,000 contracts change hands by midday, already nearing the 351,000 daily average for the last 20 days. Options volume in Silver Wheaton, a silver mining company, is extremely heavy at double the average for a full day's trading.

So far today other stocks that are showing heavy activitiy on OptionMonster's proprietary tracking systems include Barrick Gold, which is trading 155 percent above full-session volume; Newmont Mining, which is 145 percent of normal full-session activity, and Goldcorp, which 125 percent of normal full-session action.

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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.

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