Today the WSJ had an article about several hedge funds betting on weaker Euro. The demand for puts shifted the implied volatility smile to the left:
Compare this to 5/31/09 smile:
Late last year the papers were all over Gold. The implied volatility smile was skewed to the right due to demand for Gold calls. GLD reached 119 on Dec 2. Today the GLD smile has a negative skew as well.
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With respect to gold, check out the past few times GVZ (GLD vol) has spiked up-- it would coincide with a spike in GLD price. This most recent spike, however, was the opposite.
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