Bulls mine for gold in Buenaventura
Gold miners have been active recently, and yesterday
Buenaventura drew upside trades.
optionMONSTER's Heat Seeker tracking program detected the purchase of about 2,000 June 42 calls for $0.20. Volume was more than 16 times open interest in the strike.
The calls stand to leverage a quick move in the Peruvian gold miner, which has been drifting in a range for more than two years. The stock peaked around $42 last month, so the trader could be looking for a move back to that level. (See our Education section)
BVN gained 0.89 percent to $38.37 yesterday. Investors have recently been targeting companies in the industry, such as Seabridge Gold and Ivanhoe Mines , after selling pressures swept the group between March and mid-May.
Overall option volume in BVN was 8 times greater than average yesterday, with calls outnumbering puts by 5 to 1.