GLD Options in November 2026: Attractive Call and Put Strategies Worth Exploring

November 2026 GLD (SPDR Gold Trust) options contracts have just begun trading, creating compelling opportunities for options traders. With 343 days remaining until expiration, these longer-dated contracts offer enhanced premium potential compared to near-term expirations—a key advantage for premium sellers looking to maximize time value.

Call Strategy: Covered Call Income Potential

The $430.00 strike call option presents an interesting covered call opportunity. Currently bid at $25.00, this contract sits approximately 8% above GLD’s present price of $397.89. For investors holding GLD shares, selling this call generates multiple layers of return: the 6.28% premium yield alone translates to 6.69% on an annualized basis (what experienced options traders call the YieldBoost premium boost).

If GLD rallies and gets called away at expiration, the total profit picture improves substantially. Combining the current stock price with the $430.00 call premium produces a potential 14.35% total return over the contract period. However, this scenario locks in gains at the $430 level—important to consider if gold continues its upward momentum.

Probability analysis suggests there’s a 54% likelihood this call expires worthless, allowing investors to retain both their shares and the collected premium. This outcome appeals to bullish investors wanting income while keeping upside exposure.

Put Strategy: Discounted Entry Point

On the put side, the $395.00 strike puts present a different angle. With a $23.40 bid, selling these puts commits capital to purchase GLD at this level—a 1% discount to current trading prices. After collecting the premium, the effective entry cost drops to $371.60, making this attractive for investors seeking a lower cost basis.

The probability mathematics here are favorable: current analytics suggest 63% odds that this $395.00 put expires worthless. Should that occur, the premium alone generates a 5.92% return on cash allocated, equating to 6.30% when annualized through the YieldBoost calculation.

Volatility and Market Context

Both contracts reflect implied volatility around 21%, compared to GLD’s trailing twelve-month realized volatility of 19%. This 2% difference provides some nuance for traders evaluating whether premium levels offer fair value.

The historical trading range over the past year offers additional context for strike selection. The $430.00 call sits well above recent price action, while the $395.00 put rests near intermediate support levels—both factors worth monitoring as these contracts approach expiration in November 2026.