Trader executed the December $60/$66 call spread 29,449x for a $2.20 debit, $6,478,780 total, and sold the December $50 put 44,176x for a $1.90 credit, $8,393,440 total. Total credit for spread is $1,914,660.
Maximum loss is $218,965,340. Profit potential is limited to $19,584,060 at $66. Break even for the trade is $49.57. Graph below shows risk profile of the spread.
Trade is a bet on the continuation of gold's uptrend, GDX looking for a bounce to $66 from current levels near $59. Chart below highlights profit potential for the spread.
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No position at this time. Position declarations are believed to be accurate at time of writing but may change at any time and without notice.