I'm going to be doing some research on the Market Vectors Gold Miner ETF (GDX). In pursuing a LEAPS strategy, I think this may be a better instrument to use to gain some exposure to gold but also have real companies behind the security backing it up. There is a very low expense ratio on this fund and the vast majority of their holdings are large, well established mining companies. No "crazy small cap stinky pinky with billions in the ground but we never get it out" companies here.
As you can see, the slippage on the options is quite large and the volume is minimal at best. An entry is going to have to be carefully timed and patience is going to be key. Any money you give up on slippage is going to be straight time premium which will require more trades to make it up.
I'll keep posting research. I am not planning on making any entry until May when gold and miner prices are usually at their lows.