Gold traded down last week and GLD appeared to be on the cusp of breaking 165.00 which has been the lower end of a trading range for some time. This potential break down brought in some demand for put options and pushed GVZ up slightly to 13.87. Although this was almost a 5% gain in GVZ, this is still a very low level relative to historical prices. The curve did not move in line with the index in any way. December and January futures were slightly higher and February and March both lost a tick.
Oil was under pressure as well with futures testing a key support level toward the end of the week. OVX had been at elevated levels for a good part of 2012 based on a potential higher level for oil based on potential geopolitical issues. This past week OVX moved higher with concerns about lower oil prices. With the exception of the March contract OVX futures traded higher as well.