GLD

Calls are the richer wing (negative 25Δ RR); near its 180-day baseline.

Vol bid into weakness — defensive demand; treat as downside fear.

ρ doesn't confirm — positioning/skew dislocation, not a clean spot-vol signal.

Near baseline: no skew edge today — needs another pillar to carry the trade.

no proven separation for this bucket yet — relative-value read only