While the equity markets continue to receive a lot of attention due to the recent downside moves the commodity space has been unusually quiet. The SPDR Gold Shares ETF (GLD – 126.93) rose 1% last week and seems destined to be stuck in the upper 120’s. Oil did a little better with the United States Oil Fund (USO – 37.18) gaining by 2% last week. Friday’s action (or lack of action) saw both GLD and USO basically unchanged while the stock market dropped almost 1%. The result of a lack of volatility in Gold was a 4% drop in GVZ and a parallel shift lower in the futures curve. This can be taken as there are low expectations for any big move out of GLD in the near term. Speaking of a big move from GLD – my how time flies – April 15 will mark the one year anniversary of GLD dropping almost 9% in a single day and capping a two day drop of almost 14%. That two day price move in GLD resulted in GVZ rising to 34.48 from 15.29 or a rise of 125%.