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September 19, 2016  Mon 7:16 AM CT

GDX: SEE CHART GET CHAIN FIND STRATEGIES

A large trade is positioning for more downside in the Market Vectors Gold Miners Fund.

optionMONSTER's market scanner shows that 28,000 Weekly 22.50 puts expiring on Sept. 30 were purchased on one print for $0.17 on Friday. This is clearly a new position, as open interest in the strike was a mere 26 contracts before the session began.

Puts fix the price where a stock can be sold, so they make money to the downside. (See our Education section.) Investors use them to hedge long positions or to speculate on a drop.

GDX fell 0.86 percent to $25.96 on Friday and is down 15 percent in the last month. Overall option volume in the fund was twice its daily average on Friday.

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