Gold ETF Options Go Crazy

Options traders are snapping up calls in the Market Vectors Gold Miners ETF, which rose more than 5 percent Thursday.

A wave of buyers swept in to purchase the GDX March 34 calls this morning, when the exchange traded fund's price briefly slipped. More than 5,000 contracts were bought for $3.20 on three exchanges — all at the same second, according to OptionMonster's real-time tracking systems.

The GDX March 34-38 call spread was trading for $1.60 and, with a push higher, could offer reduced upside but also reduced risk.

The Market Vectors Gold Miners ETF has risen recently along with the price of gold, now up over $34.40. The SPDR Gold Shares, an ETF that tracks the price of gold bullion, is back near $90.

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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of