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« Colombia Is Open for Business | Main | Options Trading Questions 17 February 2010 »
Tuesday
Feb162010

Randgold Resources Limited: Options Trade Up 21%

Randgold Chart 17 February 2010.JPG

This is a quick update on the Call Options we purchased on the 9th February 2010 on Randgold Resources Limited (GOLD) the June 2010 series with a strike price of $75.00 (GUD Jun 19 ‘10 $75 Call) for which we paid $5.50 per contract for them. The session on NYSE finished with the bid at $6.70 and the ask at $6.90 registering a gain of around 21%.

It has to be said though that there were no transactions during this session as the asking price rose quicker than the bidders could up their bids to bag a few contracts. Randgold's stock had a great day putting on 4.41% to add $3.12 and close at $73.88. The dollar moved dramatically lower and gold responded with a rise of around $20.00 to trade at $1117.40 as we write.

Taking a quick peek at the above chart we can see that Randgold looks to be making a move to higher ground having reversed the recent decline, the RSI has the room to much higher and the crossover on the MACD bodes well for the stock.

Randgold has been kind to us in the past and we have waited patiently for this opportunity to present itself, so lets hope that this progress continues and we can bank a few bucks.

Randgold Resources Limited has a market capitalization of $6.65 billion, a 52 week trading range of $40.41 to $90.30, a P/E ratio of 89.09 with an average volume of 1.0 million shares traded.

Randgold Resources Limited trades on the NASDAQ under the symbol of GOLD and on the London Stock Exchange under the symbol of RRS.

All the best.

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