For the first time in months in gold ETFs, we saw more evidence of put buying in SPDR Gold Shares (NYSEArca: GLD) than outright call buying, and this comes with little surprise given the metal’s sharp reversal in recent days.

In the past five trading sessions, GLD has fallen 3.74% and today dropped below its 200 day moving average for the first time since August.

Gold ETFs are no doubt back in focus with the recent sharp sell-off in the precious metal. As we mention in our options recap this morning, GLD puts have been active, which is in contrast to the theme of call buying (both outright as well as via call spreads) that has been prevalent over the past several months. [Gold ETFs as a Leading Indicator]

GLD and related ETF iShares Gold Trust (NYSEArca: IAU) have been hammered in recent sessions, down 3.74 and 3.72% respectively in just the past five trading days. We also note that both ETFs have gapped below their 200 day moving averages and have not traded at these levels since August. [10 Things to Know About Gold ETFs]

Interestingly, despite the weak price action in GLD and related long Gold ETPs, there has not been significant redemption activity in terms of assets in either GLD nor IAU (trailing one month net flows in GLD is +$484 million and +$202 million in IAU).

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