November 2026 GLD Covered Call Options: 14.35% Return Potential vs. Put Selling Strategy

With 343 days remaining until the November 2026 expiration, SPDR Gold Trust (GLD) has just unveiled fresh options contracts that present compelling income-generating opportunities. Extended time horizons work in favor of premium sellers, who can capture higher compensation than shorter-dated contracts typically offer.

Covered Call Strategy: Capping Upside for Income

The call contract at $430.00 strike has drawn particular attention among income-focused traders. At a current bid of $25.00, this represents an interesting trade structure for GLD shareholders. An investor purchasing shares at today’s price of $397.89 and simultaneously selling this call contract would secure a potential total return of 14.35% if shares are called away at November 2026 expiration—before factoring in broker fees.

This $430.00 strike sits approximately 8% above the current trading price, meaning the position remains out-of-the-money. The probability analysis suggests a 54% chance this covered call option expires worthless, allowing the investor to retain shares while keeping the entire $25.00 premium. Should this occur, the annualized yield boost reaches 6.69%.

Looking at GLD’s trailing twelve-month price history provides context: the $430.00 level hasn’t represented an unrealistic target, though it would require notable appreciation from current levels.

Put Selling Alternative: Lower Cost Basis Approach

On the put side, the $395.00 strike contract carries a $23.40 bid. Selling this put obligation means committing to purchase GLD at $395.00 per share while collecting the premium upfront, effectively establishing a net cost basis of $371.60—a meaningful discount to today’s $397.89 price.

The $395.00 strike trades just 1% below the current price, reflecting near-the-money status. Analytical data indicates a 63% probability of expiration worthless, which would yield a 5.92% return on the cash reserved for the obligation, or 6.30% annualized through YieldBoost calculation.

Comparing the Two Approaches

Both strategies tap into the same extended time value available from November 2026 contracts, but serve different investor objectives. The covered call option prioritizes income while maintaining stock ownership, with acceptable upside capped at 14.35%. The put selling strategy targets new entry points at reduced effective pricing, best suited for investors seeking to add GLD positions.

Current implied volatility across both contracts sits near 21%, while actual trailing twelve-month volatility measures approximately 19%—a modest premium suggesting reasonable pricing for time value buyers.

For investors analyzing extended-dated option opportunities on precious metals exposure, these November 2026 GLD contracts offer differentiated paths toward enhanced returns within disciplined portfolio frameworks.