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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.

🏆ⓗⓐⓟⓟⓨ ⓣⓡⓐⓓⓘⓝⓖ ⓐⓗⓔⓐⓓ! ⓒⓗⓔⓔⓡⓢ, ⓑⓒ🍀🍀🍀

# Goldman Upside Alert: Could Gold Reclaim $5,400 This Year?

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Comment（8）

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  • Kiwi Tigress
    ·2025-10-21
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    黄金成交量飙升是疯狂的，因为它不是由恐惧驱动的，而是结构性的。经过数月的压缩，基金正在重建尾部对冲。GLD期权成交量打破记录只是证实了这一点。今年我第一次将$QQQ$的一部分转向黄金和矿工
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  • Hen Solo
    ·2025-10-21
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    📈你用4 σ Gold Vol做到了这一点。我在$GDXJ$甚至长期国债期权中看到了类似的对冲模式。这里的不对称令人难以置信。风险平价模型显然正在重新调整黄金的主导地位。
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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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    that GLD chart’s nuts. Vol exploding while $SPX$ stays chill means something’s brewing under the surface. Big money’s buying insurance before retail even blinks. I’m all over that kind of setup, feels like pre-move energy 🧃
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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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