GLD November 2026 Options Opportunities: Bullish and Bearish Strategy Comparison

GLD (SPDR Gold Trust) November 2026 expiration options have just begun trading, creating an interesting window for options traders. With 343 days until expiration, there is ample time value, and sellers may receive higher premiums.

Bullish Options Strategy: Steady Income Approach

From a bullish perspective, the $430.00 strike call option is worth noting. The current bid price is $25.00. If an investor buys GLD shares at today’s price of $397.89 and then sells this call option as a “covered call” strategy, committing to sell the shares at $430.00 at expiration, the total return can reach 14.35% (excluding dividends and brokerage fees) including the premium income.

The $430.00 strike price is about 8% above the current price, indicating the option is likely out-of-the-money at expiration. The model shows a 54% probability of this scenario. If this occurs, the investor retains the stock and earns the premium. The premium itself yields an additional 6.28%, which annualizes to 6.69%.

Bearish Options Strategy: Lower-Cost Entry

Conversely, the $395.00 strike put option offers another approach. The current bid price is $23.40. Selling this put to open a position means agreeing to buy GLD at $395.00, with an effective cost basis of $371.60 after deducting the premium—cheaper than the current price of $397.89.

This strike price is about 1% below the current price and is out-of-the-money. Data indicates a 63% chance that the option will expire worthless. If so, the $23.40 premium relative to the $395.00 cash commitment can generate a 5.92% return, which annualizes to 6.30%. For investors with an existing buying intent, this effectively locks in a future purchase at a discounted price.

Implied Volatility and Market Context

The implied volatility of both options is approximately 21%, while the historical volatility over the past 250 trading days is 19%. This moderate level of volatility provides a basis for premium pricing.

Regardless of the strategy chosen, investors should thoroughly examine GLD’s historical performance, the fundamentals of the gold market, and consider their own risk tolerance and investment objectives.