Massive December gold call spreads raise eyebrows

A large investor has been accumulating December $15,000/$20,000 gold call spreads on COMEX. For this trade to expire in the money, gold would need to triple from current levels by late 2025. The position can also benefit earlier from a sharp rally or a spike in volatility. The buying began after gold hit a record $5,600 in late January. Even after prices dropped below $5,000, accumulation continued. Open interest has climbed to around 11,000 contracts. This is not a hedge. it looks like a bet on a violent upside move. #crypto