Precious metals barometerSPDR Gold Trust(NYSE:GLD) — an exchange-traded fund that tracks the price of physical gold — recently raised eyebrows as one of the highlights in Benzinga's unusual options activity screener. However, the sentiment clocked in as "bearish," running counter to the current trade.

Specifically, the trade in question was for 125 contracts of the $193 call option expiring Jan. 15, 2027. At the time of writing, the premium (ask price) for this derivative landed at $73.60. By logical deduction, call purchasers would need the GLD ETF to hit $266.60 (the strike price plus the premium) just to break even.

Based on the...