When I’m putting together these weekend reviews I often have a good idea of what I’m going to say about the different markets that have listed volatility trading. However, with respect to gold and oil it has been pretty tough lately. The first anniversary of the gold crash passed as we all got our taxes done this past week. However, the behavior of the implied volatility relative to the price action in the SPDR Gold Trust ETF (GLD – 124.75) made me pause and think about why GVZ rose over 5% last week despite the trading action being pretty quiet for GLD after a big drop on Monday. It could just be that more GLD price action (you pick the direction) is on the horizon.