On October 25, I recommended selling the November 16, $19.50 puts on GDX.

You could have earned $0.68 per share upfront for agreeing to purchase shares at 19.50. As of Friday (third Friday of the month is the standard expiration date for options) GDX closed at $19.38 per share. So you were assigned shares and have a cost basis of $18.82 (19.50-0.68).

Because of the upfront payment we have earned a positive 3% so far.

Today I recommend you earn more cash by selling a covered call.

Sell the December 21, $19.50 covered calls on your GDX shares for around $0.57 using limit order. Earn another 3% upfront instantly and have the chance to collect the next quarterly dividend.

At expiration if shares are above $19.50: your shares will be automatically sold for $19.50. You will have earned 6.6% in about two months or 42.5% annualized return.

At expiration if shares are below $19.50: you keep the cash and your shares and will have to opportunity to sell another call for additional income.

Continue to use a stop loss at $17.40 for your protection.

Disclosure: I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article.