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Gold Volatility Surges Higher on Upside Call Demand
Implied volatilities fell across asset classes last week in a week in a holiday-shortened week, with the notable exception of gold. GLD 1M implied vol jumped over 2 pts to 13.4% as gold prices surged to a new all-time high. GLD skew inverted further, with 1M 25-delta call now trading almost 3 vols over the 25-delta put. The extreme bullishness in gold, insofar as it reflects optimism over inflation and Fed policy, contrasts with what we're seeing in the rates market where expectations of Fed easing has remained largely stable over the past month (when the gold rally kicked off) and US 10Y real yield has been ... (full story)
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- Posted: Apr 2, 2024 11:00pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 347
