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2025-10-20

$SPDR Gold Shares(GLD)$ $GLD option volume hit record highs last week, sending 1M IV to 30% (5Y high!). Gold vol now trades 4σ above long-term avg.

Despite the equity rally, risk aversion rose: $SPX skew steepened to 1Y high as traders sold upside calls to fund downside protection.

🏆ⓗⓐⓟⓟⓨ ⓣⓡⓐⓓⓘⓝⓖ ⓐⓗⓔⓐⓓ! ⓒⓗⓔⓔⓡⓢ, ⓑⓒ🍀🍀🍀

# JPM Upgrades Gold PT to $6300: Will US–Iran Tensions Push Metals Higher?

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  • Kiwi Tigress
    ·2025-10-21
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    The gold vol spike’s wild because it’s not fear-driven, it’s structural. Funds are rebuilding tail hedges after months of compression. GLD option volume breaking records just confirms it. I’m rotating a slice from $QQQ$ into gold and miners for the first time this year
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  • Hen Solo
    ·2025-10-21
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    📈 You nailed it with the 4σ gold vol. I’m seeing similar hedging patterns in $GDXJ$ and even in long-dated treasury options. The asymmetry here’s incredible; risk parity models are clearly recalibrating to gold’s dominance.
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  • Cool Cat Winston
    ·2025-10-21
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    📊 I’m watching that same vol divergence between gold and equities and it’s fascinating. Gold’s IV spike feels similar to the move before $NEM ran in 2020. When GLD’s IV curve steepens like this, I tend to look at miners for convexity.
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  • PetS
    ·2025-10-21
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    📈 You nailed it with the 4σ gold vol. I’m seeing similar hedging patterns in $GDXJ$ and even in long-dated treasury options. The asymmetry here’s incredible; risk parity models are clearly recalibrating to gold’s dominance.
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  • Tui Jude
    ·2025-10-21
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    💹 I’m not surprised to see gold vol breaking out while $SPX$ skew steepens. It’s a textbook sign that funds are quietly rotating into protection. I’m holding some $AEM calls as a hedge in case this volatility spreads into equities.
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  • Queengirlypops
    ·2025-10-21
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    GLD图表太疯狂了。当$SPX$保持冷静时，Vol爆炸意味着表面下正在酝酿一些事情。大资金在零售业眨眼之前就购买了保险。我到处都是那种设置，感觉就像移动前的能量🔋
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  • SG5207418
    ·2025-10-21

    Great article, would you like to share it?

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  • KobeWonder
    ·2025-10-21

    Great article, would you like to share it?

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