The recent collapse in the gold mining stock, Newmont, has led to a nearly 20% drop in the market, with the company's options premiums being elevated. The company's two-month implied volatility is in the 91st percentile and this could be an opportunity for investors if Newmont rebounds off the trend line back toward prior highs. The trade involves selling a put to fund a call spread to capture a move back toward the prior highs, using a vertical call spread that gives me a clean runway to $130. If the stock falls, I risk being compelled to purchase the shares at $90 per share, which represents a 15% discount to the current price. However, this trade sees profits above $110, capped at $130, close to the prior high of $134.88. The base case: Mean reversion to its historical 15x cash flow multiple puts the stock 30% higher, while the risk of persistent inflation is persistent. The bottom case: Gold is holding steady despite a firming dollar, and inflation/fiat currency debasement represents a core thesis for holding precious metals.