AUY – Yamana Gold, Inc. – Shares of the gold producer Yamana Gold, Inc., surged along with other gold mining firms today as gold futures jumped to an all-time high of $1272.00 per ounce. Yamana’s shares rallied as much as 5.3% to touch an intraday high of $10.65 as of 12:45 pm ET. One options player populating the January 2011 contract is positioning for the price of the underlying stock to appreciate significantly ahead of expiration. The investor enacted a bull call spread, buying 2,500 calls at the January 2011 $12.5 strike at a premium of $0.34 each, and selling the same number of calls at the higher January 2011 $15 strike for premium of $0.09 apiece. Net premium paid to establish the spread amounts to $0.25 per contract. The trader makes money if Yamana’s shares surge 19.7% over today’s high of $10.65 to trade above the effective breakeven price of $12.75 by expiration day. Maximum potential profits of $2.25 per contract are available to the gold-bull should shares of the gold producer rally 40.8% to exceed $15.00 by January expiration. The stock’s overall reading of options implied volatility is currently up 5% at 36.94% just before 12:50 pm ET.