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What goes up must come down - and that's giving us an opportunity for a nice payday on one of my favorite speculative assets. I'm talking about gold.

The recent banking crisis encouraged a flight to quality, which precipitated a nice pop for gold - but as frightening as that might have seemed in the moment, one thing appears certain to me: we're not going back to the gold standard.

No matter how much you want to shine it up, it's still just gold. If you've been with me a while, you'll know I'm not really into it as a long-term investment asset. It's no magic elixir, but it is a great vehicle for trading.

And trading, just as the name suggests, means making money in both directions, up and down. When there's an opportunity to make money on a market reversal, that's a chance for us to "flip the chart" -- and in the case of this particular asset, I'm talking about quick, easy triple-digit profit potential.

To do this, I'm going to target the SPDR Gold Trust (GLD), which has had a tremendous run over the last month, gaining as much as 12.97% since March 8, 2023. Now, though, GLD is considerably overbought, and I see it trading lower in the near-term, if for no other reason than for traders to take profits..

So, at this point, I like buying the GLD May 19, 2023 $185/$180 Put Spread for $2.00 or less and taking profits at 100%. As long as GLD closes below $180.00 (just 2.6% lower than where it's recently been trading) on May 19, 2023, this trade will have easily delivered our 100% profit target.

It's easy to understand why gold has had a run up recently. Everyone's looking for safe havens in a market that seems full of landmines between the banking crisis, continued stubbornness from the Fed, and an earnings season that could be dicey.

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