With GLD at or near the .50 between the 5/18 high and the 7/24 low and with a fair amount of short-term volatility, a premium play may be afoot.
A possible setup: a November 27th 101.5/104.5/117/120 Iron Condor, the stats for which are as follows:
71% POP Max Profit: 60/Contract Buying Power Effect: $240 Break-Evens: 103.90/117.60
Notes: I would note that the 52-week ThinkOrSwim IVR for GLD is currently pegged at a paltry 21, but on shorter time frames, the IVR is higher (69 for 6-Month Dough IVR). I could naturally wait until a higher IVR, but want to put on the setup with price currently where it's at, which allows breathing room to the up and down sides.