Crowd grabbing gold upside

Finally that upside gold convexity kicked in. GS writes: Aggregate call volumes were >60% above average. Gold 3month implied volatility richened significantly. And normalized 25 delta put-call skew registered its largest 1 day fall for at least the past year (chart 2). Chasing gold options given current vol levels is expensive in our view. Overwriting relatively expensive gold vol screens attractive (especially if using for directional strategical views).