It may just be that the price of gold is establishing a new range. This past week GLD was in a range between 152 and 157 despite all the action in the equity markets. A couple of weeks ago GLD broke support and seems to be establishing a new support level. GVZ reacted as one would expect with a range bound market and dropped just over 3% on the week. The GVZ futures curve dropped in pretty much parallel fashion.
The United States Oil Fund was off 2.5% on the week after having had a bull run as of late. This retracement resulted in a drop in OVX of 3.66% and a little bit of a steepening of the curve with March Futures only losing about 0.60% on the week. The futures market may just be expecting more volatility than the spot market is indicating.