Gold Vol.

Gold volatility, as measured by the gold etf, has come off of highs but still elevated compared with recent history (black line). Vol also spiked in 2008/2009 during the recession prior to a multi-year run in gold prices.

As mentioned in a previous post, the Fed's balance sheet dramatically expanded in 2008 and continued to increase for several years. A similar surge in the Fed's balance sheet occurred this year.