Gold continues to tease us by not moving higher and sticking close to 2013 lows. The SPDR Gold Shares (GLD – 118.55) closed under 120.00 every day this week, but did not break through the 2013 closing low of 115.94 or the intraday low of 114.68 from back in June. Gold volatility jumped last week, possibly bracing for a run at those levels. The CBOE Gold ETF Volatility Index (GVZ – 20.50) was up over 6% and the rest of the curve moved up in a fairly parallel fashion. It appears that the concern about a break of lows is creeping back into GLD volatility.
Oil has so many moving parts figuring out what the next concern will be borders on differential calculus. Apparently the outlook is for no concerns as the CBOE Crude Oil ETF Volatility Index (OVX – 17.95) closed at the second lowest level in history. For those that wonder the lowest closing price for OVX was 17.81 back in March of this year based on data CBOE has going back to 2007. Inventories have been trending higher and there is relative peace in the Middle East to concerns are minimal for the moment.