Goldcorp Inc. (NYSE: GG) shares continue to climb with fervor today, with the entire precious metals industry getting a lift as well. Worries of a weakening dollar are driving gold and other precious metals higher. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on GG.

After hitting a one-year high of $31.47 in December, the stock drooped over the next several months before springing back to life in mid-August and skyrocketing back near previous highs. GG opened this morning at $29.86. So far today the stock has hit a low of $29.60 and a high of $30.30. As of 10:45, GG is trading at $30.22, up $1.26 (4.4%). The chart for GG looks bullish and steady.

For a bullish hedged play on this stock, I would consider a January bull-put credit spread below the $22.50 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make an 8.7% return in just four months as long as GG is above $22.50 at January expiration. Goldcorp would have to fall by more than 25% before we would start to lose money.

GG hasn't been below $22.50 for more than a few days since last October and has shown support around $23 recently. This trade could be risky if inflationary pressures slow down, but even if that happens, this position could be protected by the support the stock formed around $22 over the past six months.

Brent Archer is an options analyst and writer at Investors Observer.