as gold stumbles, conviction for gold miners

It's going to be like watching enamel paint drying in the wet season...

I'm putting my GOR shares at the back of the bottom drawer for a few months.

FYI

NEW YORK (Dow Jones)--As gold tumbled along with U.S. stocks Wednesday, options traders rallied around mining stocks and expressed conviction in a rebound over the coming weeks.

Gold futures fell below $1,600 Wednesday for the first time in almost three months and U.S. stocks declined with the value of the euro, a slide that provoked traders to move from the safe-haven asset into cash.

Even so, the options market shimmered with bullish bets in gold-mining companies made by traders who read the weakness as an auspicious time to bet on a turnaround.

One options trader appeared to be directing the unusual traffic in the GDXJ, closing out a losing bet targeting options with February expiration. After closing the position, the trader appeared to set up a new position in January

By Chris Dieterich
Of DOW JONES NEWSWIRES