It looks like more big money is piling into the long gold trade.  Today, options traders were seen placing sizable bets on $1,500 gold prices.  The IB options desk has the details:

GLD – SPDR Gold Trust ETF – Bullish options activity in the June 2010 contract on the gold exchange-traded fund suggests significant upside potential for the price of gold bullion. Shares of the GLD are up 1.35% to a new record high of $114.47. One investor established a call spread on the fund. The trader bought 10,000 calls at the June 124 strike for an average premium of 5.90 apiece, spread against the sale of 10,000 calls at the higher June 152 strike for 1.94 each. The net cost of the transaction amounts to 3.96 per contract and yields maximum potential profits of 24.04 apiece if shares sky-rocket to $152.00 by expiration in June. The investor breaks even on the trade if shares of the GLD rise to $127.96, a 12% increase over the current price of the fund. The trader may realize maximum potential profits of 24.04 per contract if shares of the underlying jump 33% to $152.00 in the next seven months. And while this would put the spot price of gold above $1,500 a dollar in decline and seemingly record prices for gold daily, who are we to argue?

Source: IB