Massive size showing up in the options pit ๐
A deep-pocketed player has been stacking December $15K/$20K call spreads on COMEX gold, and itโs turning heads across the macro desk.
For context: gold $XAU would need an almost 3x move into late-2025 for max payoff so this isnโt your typical positioning. Itโs a convex bet on a disorderly upside scenario, with the added edge that any sharp rally or vol spike could reprice the structure well before expiry.
Whatโs interesting is the timing.
Accumulation started right after gold printed fresh highs near $5.6K in January, and the buyer kept adding even on the pullback sub-$5K. Open interest now sits around ~11K contracts, which is serious size for a far-OTM structure.
Translation:
This doesnโt look like protection.
It looks like someone positioning for a tail event liquidity shock, policy pivot, or macro stress bid that sends gold vertical.
When trades like this appear, you donโt ignore them.
You ask what scenario the market might be underpricing.