GLD Options
SPDR Gold Shares Options Chain, Implied Volatility & Greeks
Comprehensive options market data for SPDR Gold Shares (GLD). Explore implied volatility patterns, options chain liquidity, gamma exposure levels for the largest physical gold ETF.
GLD Options at a Glance
What's Covered in This Guide
1 About SPDR Gold Shares (GLD)
SPDR Gold Shares (GLD) is the largest physically-backed gold ETF, holding gold bullion in London vaults. GLD tracks the price of gold and provides investors with exposure to gold price movements without holding physical metal. It's widely used for portfolio hedging, inflation protection, and gold speculation.
Company Profile
Key Dates
GLD is the gold standard for gold ETF investing. It's the most liquid gold investment vehicle and a cornerstone for portfolio hedging strategies.
2 GLD Options Market Overview
GLD options are the primary vehicle for gold options exposure. Highly liquid with massive institutional use for hedging and speculation.
Liquidity Assessment: Excellent
GLD options are extremely liquid. The primary options vehicle for gold exposure.
3 GLD Volatility Profile
GLD implied volatility reflects gold's role as a safe haven and inflation hedge. IV rises during market stress, geopolitical uncertainty, and inflation concerns.
Earnings Impact
No earnings. IV rises on geopolitical events, Fed policy shifts, and market crises.
Historical Volatility vs IV
IV typically trades near HV. Premium expands during flight-to-safety events.
Term Structure
Usually contango. Relatively flat given no event-driven catalysts.
GLD Gamma Exposure (GEX)
Gamma Exposure analysis for GLD shows institutional hedging patterns around round number gold price levels.
Typical GEX Profile: GLD typically operates in positive gamma with orderly dealer hedging.
Key Levels: Strike clustering around gold price milestones ($1800, $1900, $2000/oz equivalents).
Dealer Hedging: Dealer hedging is orderly and primarily institutional.
4 Common GLD Options Strategies
These are strategies commonly used by traders on GLD options, based on typical market characteristics. This is not investment advice.
Portfolio insurance against market crashes. Gold often rises when stocks fall.
Generate income on gold holdings. Lower IV means smaller premiums but less risk.
Bullish gold bets during inflation fears or geopolitical tensions.
Bearish gold bets when real rates rise or risk appetite improves.
Protect gold positions while reducing cost through call sales.
Key Considerations for GLD Options
- Gold is a traditional safe haven during market stress and geopolitical uncertainty
- Real interest rates (nominal rates minus inflation) are a key driver of gold prices
- Fed policy significantly impacts gold - rate cuts are typically bullish
- Dollar strength inversely correlated with gold prices
- Central bank buying supports long-term gold demand
- No yield/dividend - gold only provides capital appreciation
Frequently Asked Questions: GLD Options
How liquid are GLD options?
GLD options are extremely liquid with average daily volume exceeding 200,000 contracts. They are the primary vehicle for gold options exposure.
What is GLD's typical implied volatility?
GLD implied volatility typically ranges from 10% to 35%. Normal conditions see IV between 14-20%, lower than most equities due to gold's relative stability.
How does GLD track gold prices?
GLD holds physical gold bullion and each share represents approximately 1/10th of an ounce of gold. The ETF price closely tracks the spot gold price.
When does gold typically rise?
Gold typically rises during market stress, geopolitical uncertainty, inflation fears, and when real interest rates are falling. It often moves inversely to the U.S. dollar.
Does GLD pay a dividend?
No, GLD does not pay a dividend. Gold is a non-yielding asset, so returns come only from price appreciation.
What is the best time to trade GLD options?
The most liquid trading hours for GLD options are typically during regular market hours (9:30 AM - 4:00 PM ET), with highest volume around market open and close.
How do I calculate GLD option Greeks?
Use our free Options Calculator or Greeks Heatmap tool to calculate delta, gamma, theta, vega and other Greeks for GLD options across all strikes and expirations.
What happens to GLD options at expiration?
In-the-money GLD options are typically auto-exercised at expiration. Out-of-the-money options expire worthless. Consider closing positions before expiration to avoid assignment risk.
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GLD Analytics
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