Despite a sharp correction in gold prices, a group of traders has begun aggressively buying December call spreads on gold futures on COMEX, positioning for a potential price surge to $15,000–$20,000 by year-end, according to Bloomberg.

Key details:

• the bullish bets are structured via long-dated call spreads
• the total position has already grown to around 11,000 contracts
• the trades are placed on COMEX, focusing on far-out maturities

Such positioning implies expectations of an extraordinary macro or monetary shock, potentially involving:

• currency debasement risks
• loss of confidence in fiat systems
• extreme tail-risk hedging rather than base-case forecasting

Market participants have expressed surprise at the unusually high open interest in these deep-out-of-the-money options, especially given their long time horizon.

For traders, this activity doesn’t necessarily predict outcomes — but it does highlight where smart money is paying to insure against low-probability, high-impact scenarios.