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Before the New York trading session kicked off Monday morning, the gold market imploded and traded more than 1.8 million ounces in less than a minute during the London session. The selling frenzy looks like a flash crash that could have been triggered by a “fat finger” order. However, it’s not certain that it wasn’t just a big position looking for an exit before the year-half ends. In either case, it reveals some uncertainty in the gold market that we think will be amplified in gold miners.

We recommend a put on Newmont Mining Corp (NYSE:NEM) because the stock is right at resistance and could easily break support at $32 on the way back down.

‘Buy to open’ the NEM August 34 Puts (NEM170818P00034000) for a maximum price of $1.60.

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InvestorPlace advisers John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next SlingShot Trader trade and get 1 free month today by clicking here.

Most recently, John and Wade are co-options strategists of Turbo Trader Live — a live, interactive trading room service that runs two hours every trading day the market is open. Turbo Trader Live focuses on long call and put options, as well as long and short vertical spread strategies. Find out how to get in on the live trading action and start making real profits by clicking here.