Today with GDX trading at ~52.50 I entered into the following transaction in a taxable account:
01/20/2012 STO 4 GDX Feb 18 2012 GDX 49 Puts @.57 214.89
If these puts expire worthless we will earn 6.7% in 29 days on a margin maintenance requirement of $3195.88. This equates to 84.3% annual. I was looking at the 48's for .44 but decided to take on a little more risk since this ETF is easy to roll down and out.
Another great move.
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