Smart Money Is Betting Big In GOLD Options

Deep-pocketed investors have adopted a bearish approach towards Barrick Gold GOLD, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in GOLD usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 14 extraordinary options activities for Barrick Gold. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 35% leaning bullish and 57% bearish. Among these notable options, 8 are puts, totaling $597,392, and 6 are calls, amounting to $428,040.

Predicted Price Range

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $13.0 to $25.0 for Barrick Gold over the last 3 months.

Insights into Volume & Open Interest

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Barrick Gold's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Barrick Gold's substantial trades, within a strike price spectrum from $13.0 to $25.0 over the preceding 30 days.

Barrick Gold Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

About Barrick Gold

Based in Toronto, Barrick Gold is one of the world's largest gold miners. In 2023, the firm produced nearly 4.1 million attributable ounces of gold and about 420 million pounds of copper. At year-end 2023, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in 19 countries in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure. Its potential Reko Diq project in Pakistan, if developed, could double copper production by the end of the decade.

Following our analysis of the options activities associated with Barrick Gold, we pivot to a closer look at the company's own performance.

Where Is Barrick Gold Standing Right Now?

• Currently trading with a volume of 25,100,477, the GOLD's price is up by 1.59%, now at $18.53.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 10 days.

What Analysts Are Saying About Barrick Gold

Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $25.0.

• Maintaining their stance, an analyst from Jefferies continues to hold a Buy rating for Barrick Gold, targeting a price of $23.
• An analyst from CIBC persists with their Outperformer rating on Barrick Gold, maintaining a target price of $27.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Barrick Gold, Benzinga Pro gives you real-time options trades alerts.