. >> mike khouw, what do you think?you play the upside, cap it with call spread, buy it, so your risk is defined? >> this is absolutely the way you'll make a bullish play, if you're going to make one in gold. if you want to know what a long-term secular bear market looks like, take a look at what's been happening in gold. even in a bear market, you can frequently see short or intermediate term pops. and gold is particularly well suited to the call spread, that brian is recommending because very often, those way out of the money calls ask in equities could be inexpensive. in commodities, sometimes they have more premium. that makes the math work a whole lot better, when you purchase call spread verticals to make bullish bets in commodities. if you make a bullish play in gld, this is giving you a good amount of time for it to play out. you're taking advantage of the dynamics of options prices in commodities here. >> got you. how about this, scott nations. it seems like everybody is more bullish, what do you think? >> well

. >> mike khouw, what do you think, do you play the upside, cap it with call spread, buy it, so your>> this is absolutely the way you'll make a bullish play, if you're going to make one in gold. if you want to know what a long term secular bear market looks like, take a look at what's been happening in gold. even in a bear marveth, you can frequently see short or intermediate term pops. and gold is particularly well suited to the call spread, that brian is recommending, because very often, those way out of the money calls ask in equities could be inexpensive, in commodities, sometimes they have more premium, that makes the math work a whole lot better, when you purchase call spread verticals to make bullish bets in commodities, if you make a bullish play in gld, this is giving you a good amount of time for it to play out. you're taking advantage of the dynamics of options prices in commodities here. >> got you. how about this, it seems like everybody is more bullish, what do you think? >> well, i hate gold in general. but brian makes the point he's doing this as stock replacement. an