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Gold Fields is attempting to hold support at a two-year low, and some investors apparently think it's due for a rebound.

optionMONSTER's Heat Seeker monitoring system detected the purchase of about 17,000 October 13 calls for $0.82 to $0.92. Volume is more than 50 times open interest in the strike.

GFI declined 2.03 percent to $12.57 this afternoon. The South African gold miner has lost about one-quarter of its value in the last three months and is now attempting to build support around the same level where it bounced in May 2010.

Once considered a safe haven against political turmoil, precious metals have been under pressure since last October when they succumbed to mass-liquidations in the broader market. Heavy buying of Treasury bonds and mild inflation have also been headwinds.

Today's option action, however, suggests that at least some investors believe that a turn may occur soon. The October contracts provide ample time for a rebound and could easily double from GFI returning to its levels from just two months ago. They also limit risk in case shares continue to fall. (See our Education section)

Overall option volume in the stock is almost 8 times greater than average so far today, according to the Heat Seeker. Calls outnumber puts by 15 to 1.

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