GLD Call and Put Options Strategies for November 2026: New Expiration Contracts Analyzed

Traders tracking SPDR Gold Trust (GLD) now have fresh call and put option contracts available for the November 2026 expiration cycle. With nearly a year of time decay ahead—343 days to be exact—these newly available contracts present a compelling window for options sellers to capture elevated premiums compared to nearer-term expirations.

Put Option Strategy: Income Generation at $395.00 Strike

The put contract at the $395.00 strike level currently shows a bid quote of $23.40, making it an interesting prospect for investors considering a put-selling approach. Executing a sell-to-open transaction at this strike means committing to purchase GLD shares at $395.00 while simultaneously collecting the upfront premium. This arrangement effectively reduces the net cost basis to $371.60 per share (before commissions)—roughly 6.5% below GLD’s current trading price of $397.89.

From a risk perspective, the $395.00 strike sits approximately 1% below current prices, classifying it as out-of-the-money. Market analytics suggest a 63% probability this put contract expires worthless, allowing the seller to pocket the entire $23.40 premium as profit. When such an outcome occurs, the return on committed capital reaches 5.92% over the 343-day holding period, translating to roughly 6.30% annualized—a metric referred to as YieldBoost in options analysis circles.

For GLD traders seeking to establish positions while generating income, this put-selling approach provides an alternative entry point at a meaningful discount to current spot levels.

Call Option Strategy: Covered Call Framework at $430.00 Strike

On the call side, the $430.00 strike presents a covered call opportunity with a current bid of $25.00. A trader purchasing GLD shares at the prevailing $397.89 price and simultaneously selling-to-open this call contract commits to delivering shares at $430.00 at November 2026 expiration. The combined effect—share appreciation plus premium collection—yields a total return of 14.35% if the stock gets called away (before commissions).

The $430.00 strike resides approximately 8% above current trading levels, positioning it out-of-the-money. Current probability models suggest a 54% chance this call contract closes worthless, enabling the trader to retain both the shares and the $25.00 premium collected upfront. In that scenario, the premium alone contributes a 6.28% gain on the share position, or 6.69% when annualized.

Volatility Context and Market Conditions

Both the put and call contracts reflect an implied volatility reading of approximately 21%. The actual trailing twelve-month volatility for GLD—calculated from 250 consecutive closing prices plus today’s $397.89 level—registers at 19%. This modest gap between realized and implied volatility suggests the market is pricing in slightly elevated uncertainty, which historically favors options sellers.

Key Takeaways

The November 2026 expiration contracts for GLD appeal to different trading objectives: the put enables discounted share accumulation with income collection, while the covered call generates enhanced returns from existing positions. Both strategies benefit from the extended time horizon available in these newly opened contracts, allowing premium sellers to capture time decay over an extended window before expiration approaches.