Mike Khouw Sees Unusual Options Activity In GDX

On CNBC's "Options Action," Mike Khouw said VanEck Vectors Gold Miners Etf GDX traded two times its average daily put options volume on Monday. A lot of that activity was concentrated in the September 24, $28-strike puts as over 3,000 contracts were traded for 20 cents. Buyers of these puts are betting GDX could decline below $27.80, which would represent a decline of more than 14%.