Spot VIX looks calm, but forward volatility tells another story. A steep VIX term structure and extreme skew show institutions aggressively hedging, signaling elevated risk and potential volatility spikes into year-end and early 2026.

Markets are stirring as CDNX pushes back toward the top of its October range, setting up a possible reversal, while precious metals stocks grind higher—SLV leads the advance and GLD breaks out to fresh all-time highs.