On COMEX (CME Group), there are GOLD call options expiring December 2026 at strike prices of $10,000, $15,000, and $20,000 per ounce. These are deep out-of-the-money. Gold is trading around $4,500, so $15,000 is about 3.3x current price.
Open interest numbers (as of the Feb 2026 reports):
- December call open interest contracts:
- 22608 contracts at $20,000.00
- 20660 contracts at $15,000.00
- Cant determine at $10,000.00 |
Each COMEX gold contract = 100 troy ounces. One option contract at a $15,000 strike gives the holder the right to buy gold at $15,000/oz. If gold ever hits $15,000, the intrinsic value per contract would be:
- ($15,000 − $15,000) = $0 at strike, but if gold goes to $20,000 the $15,000 calls would be worth $5,000/oz × 100 oz = $500,000 per contract
- 20,660 contracts × $500,000 = $10.3 billion in intrinsic value
- The $20,000 strikes: 22,608 contracts at $20,000 → if gold goes higher (say $25,000), each contract gains $500,000 × 100 = $500,000 per contract
A single massive call spread at $15K–$20K was reportedly sized at $3.3 million cost with a potential payoff near $5.5 billion. That’s a 1,600x return if it hits.
Context that matters:
These appeared after the January 2026 crash gold hit a record $5,626, then dropped 11% in one day (down to $4,423). This positioning was built after that selloff, which means these buyers weren’t chasing; they were buying the dip.
Three possible interpretations:
- Institutional hedging: protecting against currency debasement or systemic financial stress
- Asymmetric speculation: these options are relatively cheap given the payoff if gold ever got there. Tiny premium for enormous upside.
- Tail-risk pricing: options markets often price in “black swan” outcomes, not base case
Nearly 8% of all COMEX gold options open interest across all expiries is clustered in just these three extreme strikes. That’s not retail. That’s big money allocating a meaningful portion of the market’s optionality to scenarios where gold price increases by 3–4x from here.
Whether you see it as the smart money pricing in a monetary reset or just tail-hedges doesn’t change that it’s real, large-scale positioning. It does nothing to confirm those prices are the base case, but it confirms a significant institutional segment is preparing for them.
From Macleod Finance:
“Global silver supply is tightening because 56% of mine supply comes from copper and nickel ores, the processing of which requires sulphuric acid, which is not easily sourced due to the Hormuz closure and China withdrawing from exporting it.
- Copper and nickel prices are hitting record highs suggesting that silver should be as well.
- Industrial demand is increasingly driven by a number of factors, adding perhaps 10% or more to The Silver Institute’s estimates of industrial demand, increasing the supply deficit. The industrial shortage is increasing significantly.
- China is severely restricting silver exports and has become a net buyer in record quantities.
- Speculative interest in London and New York paper markets is at the lowest level seen in over a decade, leading to poor liquidity and potentially another bear squeeze.”
From a technical point of view, at present, both gold and silver on my daily, weekly and monthly charts are all in sell mode.
Buy signals should first show up on the daily charts.
PLATINUM
SELL: On the Daily chart (18 May 2026).
URANIUM
SELL (12 May 2026) URA. Not a buy yet.
BITCOIN AND GOLD
Gold outperforms Bitcoin (06 May 2026). 14.77 one-ounce gold coins buy one Bitcoin, this was over 41 ounces in August 2025.
ETHUSD: SELL: ( 26 April 2026)
BTCUSD: SELL: 13 May 2026. NASDAQ (Cyan).
GOLD AND SILVER STOCK
13 May 2026 Gold outperforms gold stocks.
Silver stocks outperform silver (27 May 2026).
GOLD AND SILVER
Silver to Gold Ratio
Gold outperforming Silver. (28 April 2026) Silver is coming out of the ground at about 8:1 and the Gold: Silver ratio is 60.96:1.
GOLD TO USD
USD outperforms Gold, (18 May 2026).
Copper (BUY: 28 May 2026)
GOLD AND SILVER CHART
| Today | Last Week | |
|---|---|---|
| Gold Price | $4,504.00 | $4,426.00 |
| Silver Price | $77.76 | $73.26 |
| Gold:Silver ratio | 60.26:1 | 59.98:1. |
| Gold Miners bullish percent index | 30.77 | 30.77 |
| Dollar Index | 99.26 | 99.16 |
| Dow: Gold Ratio (BahaUS 51,052.00 Gold price, 4,504.00) | 11.33 | 11.44 |
| Current USA inflation rate (Dept. of Statistics) | 3.8% | 3.3% |
| Mannarino Market Index | 275.0 | 277.0 |
| Buffet Index -strongly overvalued markets 2.1 standard deviations above normal | 236% | 219% |
| 10 Year Yield | 4.46% | 4.50% |
Gold’s low of the week was $4,423.00, and the high was $4,545.00, now trading at around $4,507.00.
- Gold Monthly: is a SELL. (25 March 2026) From $1800.00 to $4513.00.
- Gold Weekly: (SELL 19 March 2026)
- Gold Daily: (SELL: 18 May 2026).
The low for Silver this week was $72.24 and the high $76.99 trading around $74.83 at present.
- Silver Monthly: (SELL: 20260430. ( Buy $24.00 in March 2024 to sell May 2026 for $73.13 = 204% Gain in 2 years 2 months).
- Silver Weekly: (SELL: 09 February 2026). No new buy on the indicators yet. Looking positive.
- Silver Daily: SELL (15 May 2026).
Our partner has stock of both gold, silver and Goldbacks in our vaults available in Panama. Please contact us for more information.
A video by Mike Adams on the Goldbacks.
Well worth a look!
On the Stockcharts.com charts, the blue vertical lines are our proprietary system buy signals and the red vertical lines are system sell signals – for information purposes only
An interview with Josh, owner of Scottsdale Mint:
Please contact us to arrange the purchase and storage of your gold and silver requirements in a safe, insured location outside of your jurisdiction.
If you are interested in an overview of Fort Kobbe, you may want to have a look at this video: Mike Brown, Director, Fort Kobbe, International Vaults, A DotCom Magazine Exclusive Interview
This is my interpretation of the market and is not to be taken as financial advice. Before making any buy or sell decisions I recommend that you consult with your professional financial advisor.
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