Commodity oriented volatility rose last week with OVX putting up a huge week. What is interesting is the reason both GVZ and OVX headed higher. Basically drops in both commodity prices were the catalysts for higher volatility. Note the chart below where GLD finished out the week testing pretty significant support.
The term structure curves both are in slight backwardation which signifies some real nervousness regarding future price action for both gold and oil over the next few weeks. It is very interesting that despite some real hotspots around the world flaring up that both these commodity markets are hitting lows instead of higher levels.