GLD Options Strategy: November 2026 Calls and Puts Analysis

Today marks the launch of new options contracts for SPDR Gold Trust (GLD) expiring in November 2026, offering traders a 343-day window to capitalize on time decay and premium collection. With nearly a year until expiration, these newly available calls and puts present distinct income-generating opportunities for both sellers and covered call writers.

Put Option Opportunity at $395.00 Strike

The put contract priced at $395.00 strike carries a $23.40 bid, creating an attractive income play for investors seeking entry points. By selling-to-open this put, traders commit to purchasing GLD at $395.00 while collecting the premium upfront, effectively reducing the acquisition cost to $371.60 per share—a meaningful discount versus the current $397.89 market price.

The strike sits approximately 1% below present trading levels, positioning it out-of-the-money. Current analytics indicate a 63% probability the put expires worthless, allowing premium sellers to pocket a 5.92% return on capital committed, or 6.30% when annualized. This YieldBoost metric provides a clear benchmark for comparing this strategy against alternative income-generation approaches.

Covered Call Strategy at $430.00 Strike

Shifting focus to the calls side, the $430.00 strike contract offers a $25.00 bid for call buyers and presents a compelling covered call scenario. An investor purchasing GLD at the current market rate of $397.89 and simultaneously selling-to-open this call contract would capture a total return of 14.35% if assigned at November 2026 expiration—a substantial result before accounting for broker fees.

The $430.00 strike represents an 8% cushion above today’s price, creating 54% odds the contract expires worthless. Should this occur, the investor retains both shares and premium, with the call premium alone delivering a 6.28% YieldBoost, or 6.69% annualized.

Volatility and Risk Context

Both the put and call options reflect implied volatility near 21%, while the trailing twelve-month realized volatility calculates to 19%. This modest volatility environment suggests relatively stable pricing dynamics for GLD during the lookback period.

Understanding the historical trading range matters significantly. Reviewing GLD’s past year of price action helps traders contextualize whether the $395.00 put strike and $430.00 call strike represent reasonable probabilities and potential entry or exit points aligned with longer-term support and resistance levels.

Comparative Analysis: Puts and Calls Together

These two options create complementary strategies. Conservative income seekers might lean toward the put, accepting assignment risk for 6.30% annualized returns. Growth-oriented shareholders already holding GLD might prefer the covered call approach, capturing 14.35% total returns if called away, while keeping downside capture if the stock consolidates.

The key distinction: puts offer discounted entry for future shareholders, while calls cap upside but provide immediate premium for current holders. Neither strategy is inherently superior—the choice depends on portfolio objectives and directional conviction on gold prices through November 2026.