Is Gold Losing Its Luster?

Gold is in the midst of a huge pullback today on the heels of a stronger-than-expected jobs report and rallying dollar. But do options traders believe that bullion boom is really going bust? If one massive trade hitting the tape is any indication, the answer is no.

This true-believer went out and bought 70,000 of the GLD December 118/121 call spread — a bet that is most profitable if GLD stands above $121 by the third week in December.

"This is the biggest down day for gold in a month, so this guy's betting on a rebound short term," said Phoenix Partner's Dan Nathan.

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