Gold bugs spend $180 million betting all's clear for metal as bond yields stall

They are called gold bugs for a reason, because they sure are hard to get rid of. Despite a 25% decline in gold from its high in January, proponents of the precious metal are storming into bullish call positions after almost two months of sideways action gives way to a rally Friday following weak jobs data. Almost $100 million of call options in the SPDR Gold Shares (GLD) ETF were likely bought on Friday, SpotGamma data show, compared to about $25 million of puts bought. It's the same for the miners: over $80 million of GDX calls were bought, compared to just over $9 million in puts. Options volume in both surged, according to Cboe LiveVol data, with GLD on pace for twice its 30-day average and GDX quadrupling its typical trading volume.