Gold's volatility is up to 2008 levels: The volatility index of the gold ETF, GLD, relative to the volatility index of the 20+ Treasury Bond ETF, TLT, hit 2.7 points, the highest since 2008. This ratio has DOUBLED since November. This comes as GLD's VIX Index is up to 33.1 points, the highest since the 2020. At the same time, TLT's VIX Index is down to 12.1 points, near the lowest since 2019. Furthermore, gold 3-month minus 1-year implied volatility reached the highest level since 2022. This shows traders expect significantly larger near-term price swings in gold. Precious metal volatility is set to continue.(The Kobeissi Letter)