Twenty minutes after the market opened on Monday, a trader sold nearly 116,000 call options on the SPDR Gold Trust ETF (GLD) with an expiry of September 18 and a strike price of $420, which are currently in-the-money, collecting a total premium of $202 million. Subsequently, the trader used part of these funds to buy an equal number of call options with the same expiry and a strike price of $430, paying $144 million, thereby achieving a net credit of $58 million. Although a sold spread is typically considered a neutral trade, because the trader sold in-the-money call options, the breakeven point at expiry is pushed up to $425. Given that GLD is currently trading at $427, this makes the trade an effective bearish bet, anticipating a slight pullback in gold prices over the next four weeks. Nigam Arora, founder of Arora Report, stated that the probability of a short-term pullback in gold is very high; although momentum traders' capital flows remain very bullish, smart money flows have turned negative. This bearish trade is particularly noteworthy as this week features significant macroeconomic events, including the release of PCE inflation data on Wednesday and the Jackson Hole Economic Symposium on Thursday.