Options Traders See Upside to Kinross Gold

By Mike Yamamoto, managing editor of OptionMonster

Kinross Gold (KGC Quote) has risen with the price of the precious metal this week and options traders apparently think the mining company has more upside potential.

Traders were focused on the June 19 strike, where 3,823 calls changed hands versus open interest of 2,560 contracts and average daily volume of just 160 calls at that strike. The trades included two blocks totaling 2,900 calls that went for $1.05, according to OptionMonster's tracking systems.

Almost all the calls traded at the asking price, indicating a strong buying inclination. These investors are banking on the shares reaching at least $20.05 by the time the contracts expire in mid-June. ...