To use a sports analogy, the price of gold continues to head fake back and forth, but refuses to make a move. The narrow range has put pressure on GVZ and to put it plainly, GLD options are cheap if you expect a move, but cheap does not do any option buyers any good unless the underlying starts moving in one direction or another. The longer the quiet the bigger the break, the question is when does the market finally break out (or down).
USO was under pressure after trying to work higher this week. This occurred as the price of oil slipped off from the march back to triple digits. With the sell-off in USO came a small boost in OVX. However, like many other volatility trading arenas this past week longer dated volatility in the form of the futures contracts traded down.