Freeport McMoRan (NYSE: FCX) closed at $65.48. Copper is recently up 3.85% to 296.250 according to Bloomberg. FCX call option volume of 44,375 contracts compares to put volume of 19,700 contracts. FCX September option implied volatility is at 48, November is at 55; below its 26-week of average of 65, according to Track Data, suggesting decreasing price movement.

streetTracks (NYSE: GLD) is recently down 18 cents to $93.69 in pre-open trading. Gold is recently down 0.34% to $955.55 according to Bloomberg. GLD September call option implied volatility is at 15, puts are at 16, October calls are at 17, puts are at 19; below its 26-week average of 26, according to Track Data, suggesting decreasing price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Each year Steven Halpern, editor of TheStockAdvisors.com, surveys the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is part of his 24th annual Top Picks Report.

streetTRACKS Gold Trust (NYSE: GLD) is the top pick for conservative investors for 2007 from technician Mark Leibovit. The editor of VRTrader explains, "streetTracks Gold Trust is an investment trust whose shares strive to reflect the performance of the price of gold bullion, less the trust's expenses.

"The trust holds gold and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemptions of baskets. The gold held by the trust will only be sold on an as-needed basis to pay trust expenses, in the event the trust terminates and liquidates its assets, or as otherwise required by law or regulation.

"The streetTracks Gold Trust is not managed like an active investment vehicle, and it's not registered as an investment company under the Investment Company Act of 1940. Our upside target for gold is unlimited, but let's call it $850 and then $1,000 over the next two years -- which translates in to GLD trading first at $85 and then the $100 level."

To see Mark's favorite speculative idea for 2007, click here.