In looking for edge in this current market, the vol market seems to imply that having a short vol, short market position has the best edge. The amount of excess vol points in the vix seems to compensate well against any face ripping rally at the current levels.
Where does this leave gold? I believe the path for both gold and market is lower, however a grind, which will cause the vix to collapse.
SHORT $ES_F 1163 SEPT
SHORT SPY OCT 100/125 STRANGLE FOR $3.60 CREDIT
LONG $GC_F 1774 SEPT
Graph spot Aug 25th close = 3.728