Now that I have a little more time let me try being a little more helpful and a little less of a smartass. My hope is you have a lot of money and this $700+ loss was no big deal to you.

When you buy a call you are buying the RIGHT to BUY the underlying stock at the strike price any time prior to expiration. Specific to your case you bought the right to buy GLD at $195 between yesterday and this coming Friday. Options (usually) expire, for all practical purposes, on the third Friday of the month.