Market Vectors Junior Gold Miners (NYSE:GDXJ) May Have Set Options Record

Options traded on Market Vectors Junior Gold Miners (NYSE:GDXJ) ETF may have reached record levels on Friday, as volatility has been the name of the game for small- and mid-cap mining stocks, and the Market Vectors Junior Gold Mine ETF tracks those companies.

Call options were the major focus of traders, according to derivatives strategists at Susquehanna Financial Group, bearish puts being extremely active above the norm.

It hasn't been confirmed as of this writing if the activity was indeed a record, but it seems to be when adding the numbers.

While some of the unusually high activity was attributable to volatility in general, as mentioned, there is also what is called a "delta neutral" play, which specifically targets the volatility of the ETF, which with the high number of trades, points to the probability investors believe that pattern will continue for now.

Much of this comes from disparate economic forces which are pushes from different directions, causing much of the uncertainty, and ultimately, volatility.

The highest amount of interest was in $50 calls due to expire in February 2011. That trade assumes Market Vectors Junior Gold Miner ETF won't break the $50 mark at that time, which would be in the middle of February.

Also highly active were $39 put options due to expire this week.

Market Vectors Junior Gold Mine closed Friday at $41.56, up $0.20, or 0.48 percent.