The price of gold based on the GLD exchange traded fund took another week long rest after rising dramatically over the previous few weeks. It appears to either be topping out or resting for the moment. The option market seems to the thing rest will continue as GVZ closed under 16 at 15.88 for the week and GVZ futures were under pressure as well. Do keep in mind GVZ often moves up based on large moves higher or lower in GLD – in contrast to the behavior of equity market implied volatility.
The only tradable volatility index moving up this week was OVX. The United States Oil Fund, USO, did lose value on the week, dropping a bit more than 2%. OVX continues to hover around in the mid-30 range based on continuing geopolitical risk in the Middle East. The futures did stay at high levels as well over the week, but the changes along the curve were a bit unusual with some futures higher and some lower on the week.