黄金多头不死心，1.1万张期权持仓展露野心，目标直指1.5万-2万美元！

Group 1 - The core viewpoint of the articles highlights that some steadfast gold bulls are ignoring the historic pullback of the precious metal and still hope for a significant price surge back to unprecedented levels [1] - In late January, New York gold futures reached a historic high of over $5,600 per ounce but faced an unprecedented drop the following day, leading to increased buying of out-of-the-money call spread options with strike prices of $15,000 and $20,000 [1] - The open interest for December gold options at Comex has risen to approximately 11,000 contracts, indicating strong speculative interest despite the recent price volatility [1][3] Group 2 - The high open interest in deeply out-of-the-money call spread options, especially after a technical pullback, is surprising, as some traders view it as a low-cost bet on a potential price surge [3] - The recent rally in gold prices has been driven by speculative buying, pushing prices into overbought territory, with banks predicting continued upward momentum due to geopolitical tensions and a shift from currency and sovereign bonds to gold [3] - To make these options valuable by year-end, gold prices would need to nearly double, but the call spread options provide a lower-cost way to profit from a potential surge while limiting potential gains [3][4] Group 3 - If traders expect a "sharp rise" in gold prices in the short term, they can sell the spread options without significant depreciation in value, as there is still ample time until expiration [4] - The recent trading activity has increased the implied volatility of long-dated call options, while prices of most other options have decreased [4] - Since February, the skew of gold call options across different expiration months has been decreasing, while actual price volatility remains high, indicating potential for significant "gap" movements in the market [4][7]