With all the volatility in the market and the uncertainty brought about by the Ukraine/Russia war, there has been a lot of options action in defensive investments like gold.  Investors will often use gold or gold miners ETFs to take positions in the metal  A popular gold miners product is the VanEck Gold Miners ETF (GDX), which some see as a cheaper alternative to gold bullion.  One strategy in GDX to use during volatile periods is a covered call trade, which provides upside in the share price, but also cash flow in the form of call premiums collected.