Despite a 25% drop in gold prices from their January highs, gold supporters are aggressively buying call options after bond yields stalled. Data shows that last Friday, call option purchases for the SPDR Gold ETF (GLD) approached $100 million, while put option purchases were around $25 million. Call option purchases for the Gold Miners ETF (GDX) also exceeded $80 million, with put option purchases slightly above $9 million. Option trading volume surged, with GLD reaching twice its 30-day average and GDX four times. This aggressive call option buying suggests that gold bulls believe a market shift may be underway, after the 10-year U.S. Treasury yield stalled this week after hitting 4.7%, and the dollar retreated to its lowest level since mid-June. Furthermore, a weaker-than-expected U.S. jobs report also supported the dovish view, with non-farm payrolls unexpectedly declining by 23,000 in July.