By Pete Najarian, co-founder of OptionMonster.

As the price of gold breaks through $900 an ounce today, the SPDR Gold Shares ETF ( GLD) appears to have cooled a bit but is still seeing options action.

Options trading in the SPDR Gold fund was heaviest last week at the February 95 calls, as more than 35,000 went for up to $1.40. This morning, OptionMonster's tracking systems showed those GLD calls traded as high as $1.90.

The ETF had been rising sharply in the last few sessions but is nearly flat on the day, up about 0.64% to just over $89. The GLD had been under $80 as recently as Jan. 15 but has risen with the price of gold, which had been trading in a "pennant" pattern indicating that a break up or down was pending.

The precious metal's direction turned decidedly north last week and broke through $900 an ounce this morning. In addition to the GLD fund, that rise has been reflected in other ETFs such as the Market Vectors Gold Miners fund (GDX), the iShares COMEX Gold Trust (IAU), and the PowerShares DB Gold (DGL).

Disclosure: Positions in GLD and other gold-related assets.

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