Buy GLD via buying a call calendar spread GLD@172.6
Buy May 185 calls
Sell Apr 185 calls
This call calendar is a modestly bullish strategy, with modest time decay, and a net debit. Max profit is if GLD is at 185 (near the old high) at April expiration. Max loss is if gold goes down or stays where it is. Time decay is less than a vertical call spread, and much less than buying straight calls. Another negative is two commissions, two spreads each way, making it more costly and more difficult to exit the position.
Obviously, I was wrong on gold and GDX, but the GDX is now basically worthless because commissions are about equal to exit price.
Long APC BRKB GLD IWM MCD SPY XRT
* short GDX
* delta is near zero on this position
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