via WSJ Blog - GLD Options As A Hedging Strategy
Some of the support under the gold price might be due to hedging against currency volatility using GLD. This is an ironic outcome, since spectacular dumps of physical gold out of ETFs during price declines were the biggest single contributor to a multi-year correction:
http://blogs.wsj.com/moneybeat/2015/05/19/investors-turn-to-gold-etf-options-as-hedges/
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