DISCOVERY BOARD ~ PRECIOUS METALS ENERGY URANIUM OIL Message Board

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Gold/Mining/Energy : DISCOVERY BOARD ~ PRECIOUS METALS ENERGY URANIUM OIL

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From: PaperPerson	9/30/2011 6:57:28 AM
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Bulls hope to strike gold in Newmont Pete Najarian (ask-pete@optionmonster.com), On Friday September 30, 2011, 4:19 am EDT Newmont Mining attracted upside option activity yesterday for the the second time in a week as traders continue to make bets that the recent slide in gold and related names is reversing. The company saw more than 5,000 March 65 calls changed hands in a strong buying pattern, mostly going for $5.60 to $5.70, according to optionMONSTER's Heat Seeker system. The volume was more than double the previous open interest at that strike. The action followed call buying in the December 72.50 contracts last Thursday. Newmont's shares closed yesterday at $62.52, up 1.61 percent on the session. Mining stocks plunged with the price of gold late last week, but traders apparently believe that the sector has hit a bottom. This week alone has seen bullish plays in Yamana Gold on Monday, Ivanhoe Mines on Tuesday, Coeur d'Alene Mines on Wednesday, and Kinross Gold yesterday. For the NEM calls bought yesterday to turn a profit, the stock would need to gain roughly 13 percent by the March expiration. Overall puts in the name outnumbered calls by more than 4 to 1 yesterday. The company is scheduled to report third-quarter earnings results on Oct. 23. (A version of this post appeared on InsideOptions yesterday.)

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