This is unusual: A larger investor has been buying December gold call option spreads of $15,000/$20,000 on the Comex exchange. This means gold prices would have to TRIPLE from current levels by late 2025 for the trade to expire in the money and pay off. The trade can also profit from a sharp rally or a spike in gold volatility well before the expiration of these options. The position started building after gold prices hit a record $5,600 in the last week of January. Even after gold prices fell below $5,000, the buyer of these calls has continued to accumulate contracts, with open interest surging to ~11,000 contracts. Someone is betting on a near-term violent move higher in gold.(The Kobeissi Letter)