Pete and James look at trades getting long the gold miners with a short gold hedge.
Implied volatility in the miners has been in a 1 way decline throughout 2017, with implied volatility rank sat on the lows.
James and pete construct a trade where they buy a long call stock replacement in GDXJ. They sell a GLD call spread against the position. The hope is that GDXJ (the miners) rally while gold stays here or moves down.
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