Gold Bears Just as Bored With the Metal as Everyone Else: Chart

Gold is so boring even the bears are yawning.

The put-to-call ratio, or the number of bearish options trading compared with bullish ones, this week reached the lowest since 2008 for SPDR Gold Shares, the world’s biggest exchange-traded fund for bullion. The measure signals that investors who were betting on declines are losing enthusiasm for being in the market. While the recent drop in open interest for both puts and call partly reflects options-expiration dates, since mid-October holdings of bullish options have been little changed. Holdings of bearish options fell in that period.

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