Is it the right time to short vol and short the market?

Since gold has become a very talked about fear index, almost now more then the vix, does it make sense to use it as a benchmark of fear vs the index?


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.


TRADE IDEA:


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