Gold ruined a weekly win streak by closing down for the first weekly price loss of 2014. The small uptrend (seen below) can now be debated. However, I would be remiss if I did not point out that GLD did have a higher high (by 0.01) and a higher low (a whopping 0.29) on a week over week basis. Maybe an argument for the bears could be the rise in GVZ which gained over 6%. The GVZ curve maintained a very pretty contango shape despite the rise in GVZ.
While all the other markets with tradable volatility products were under pressure last week the price of Oil stood out and rose a bit. The United States Oil Fund ETF (USO – 34.80) rose a little more than half a percent, despite being down some on Friday. Oil Volatility is starting perk up after making all-time lows a few weeks ago and closed over the sort of psychologically significant 20 level this week.