GLD Options Surge $200M Volume, Traders Bet on 40% Drop by 2028

According to Jin10, on Wednesday June 12, the GLD options market saw approximately $200 million in premium trading volume, with $130 million tied to bearish positions. Eight of the top 10 most-traded contracts were puts, predominantly initiated as bullish buying rather than passive selling, per ThinkOrSwim and SpotGamma data. The second-largest contract was a June 2028 put with a $240 strike priced at $11.50 per share, signaling trader expectations for the SPDR Gold ETF to decline roughly 40% over the next two years.
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