Mining CEO salaries rise, but gender diversity remains elusive, Bedford report finds
Chief executive base salaries in the mining industry increased between 2% and 12% in 2023, the report says.
Octafinance reports a trader made a massive bullish bet on the price of gold during the last trading session on Monday.
The trader – “someone with a big pocket, for sure a professional” says the Chicago-based website that monitors hedge funds trading activity – will make a substantial profits if the gold price rises by at least $130 an ounce.
The call option – a contract to acquire a security at a future time at a set price – on the top physical gold-backed ETF SPDR Gold Shares (NYSEARCA: GLD) requires a more than 10% jump from today’s price of $1,232 an ounce.
It’s a big bet on a market bottom in GLD, the world’s largest gold ETF holding more than 40% of the total: holdings have fallen to levels last seen September 2008 at the time of the collapse of Lehman Brothers.
Octafinance reckons the bold move could net the trader as much as $50 million in net gains.
“The trader purchased 40,000 Mar 2015 GLD or SPDR Gold Trust (ETF) (NYSEARCA:GLD) gold call options. The strike of the call options was $120, which is not very far from the current price of about $117, so the premium paid was huge.
“Still due to the limited time until March 2015, it’s obvious that the option trade was a bold, directional bet expressing the view that Gold might appreciate up to $130-$135. The amount committed to the trade was $10+ million.
“If the price of GLD reaches the range $130-$135 before expiration, this pro trader, probably working at a desk in a big bank or a hedge fund, will make between 300% and 600% of his investment or $20-$50 million net profit.”
Continue reading at Octafinance.com
Image by beckycaplice
