Both Gold and Oil had pretty dull weeks compared to what was going on in emerging markets and domestic stock indexes last week. The price action in gold calmed down after breaking 2014’s up-trend last week and the result was a much lower CBOE Gold ETF Volatility Index (GVZ – 15.81). GVZ dropped about 9.5% last week and there was a fairly orderly drop in the futures curve.
There was a slight drop in the United States Oil ETF (USO – 36.43) last week and OVX was lower as well. The shift in the curve was less than orderly though – note that on the far end of the curve the futures are pretty elevated. This may be either expectations of a spike around driving season or maybe some geopolitical worries may be priced in for June or July right now.