The price of gold (down about 0.50%) was pretty quiet last week as there was very little macro-economic drama in the world last week – this is a repeat of the sentence from last week’s review. August is now the front month and the curve shifted in a parallel fashion lower.
The USO rallied over 4.5% last week as the price of crude oil rose. The result in the OVX was a higher index, but some strange movement along the curve. Spot volatility moved higher, but the futures contracts were fairly flat with the result being a smoothing of the curve.