Dollar Rallies; Gold And Silver Prices Fall

By Craig Bewick
OCT 13 2020

US Equity Indexes were lower today as the tech-heavy Nasdaq almost managed gains, but sold off in the last half hour of cash equity trading.  The earlier Nasdaq gains were muted by a decline in the shares of Apple as the much-anticipated unveiling of the next generation iPhone seemed to underwhelm investors, at least as indicated by the stock price.  Interestingly, even when the E-mini (and Micro E-mini) Nasdaq-100 futures price was higher earlier in the day, 30-Day implied volatility in the options had risen from about 30% to about 32.5%. 

The US Dollar rose against most major currencies, which may have contributed to the price declines we saw in Gold and Silver futures of 1.6% and over 4%, respectively.  Implied volatility in the Gold options increased with the price break and, as you can see in the QuikStrike graph below, out of the money Puts are trading at a slightly higher implied than the Calls again. 


Craig Bewick has spent 25 years in futures and options markets, starting at CBOT and CME working in risk management, regulatory, technology, product management and client development. 

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