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Huge bets in NY that gold could triple to $4,000 by June 2021
By Yvonne Yue Li
Wednesday, November 27, 2019
The gold options market today saw $1.75 million in block trades betting the precious metal could almost triple in more than a year, surpassing the record.
Around noon in New York, 5,000 lots for a gold option giving the holder the right to buy the precious metal at $4,000 an ounce in June 2021 changed hands. The bets were sold at $3.50 an ounce.
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"It's like 18-month term life insurance. What will the world look like if gold is at $4,000?" Tai Wong, the head of metals derivatives trading at BMO Capital Markets, said in an email. "They are hoping for a quick, violent move," he said, referring to the people who bought the call options. ...
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