GLD Sees Bearish Options Trade

The SPDR Gold Shares (NYSE: GLD) are trading lower today as the price of gold retreats and that is encouraging some bearish options trade in the ETF.

Investors have purchased of 20,000 September 60 puts, 20,000 September 90 puts and the sale of 40,000 September 75 puts. Volume was five times above open interest in all the strikes.

The bottom line is that options traders are apparently betting on a big drop (30% or more) in GLD, which was one of 2009's top performing ETFs.