GDX Put-Call Chart

From time to time we track the put-call ratios for GDX, GLD and SLV. The put-ratios for GLD and SLV gave good timing signals in 2015. GDX’s signals are a bit more tricky and we have not paid much attention to them.

The chart below plots GDX’s put-call ratio, smoothed by a 20-day moving average (blue). As gold stocks emerged from the January bottom options traders met the rebound with skepticism and all the way into May. Note the 20-dma was contained at 1.00 for several years until recent months. From the standpoint of a bull, it is good (in the big picture) to see this skepticism.

June12016GDXpc

Disclosure: None.
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Comments

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Plunger 9 months ago Contributor's comment

Need some more analysis

Carl Schwartz 9 months ago Member's comment

For what?

Plunger 9 months ago Contributor's comment

It would help me to understand the meaning of the chart if I could get further interpretation. Just thought it was too abbreviated

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