I sold the June 80 puts that forces me to buy the ETF if it drops to 80 and I sold the June 111 calls that forces me to sell it at that price.
I'm willing to buy gold at 800 and sell it at 1110 through June. As the options approach expiration I'll sell a later month like the September or December contracts. Just selling call options 20% above the market that expire every 3 months, I'll earn about 10% per year based on today's option prices. That doesn't include the put premiums but they should only be sold if you're willing to buy more gold.