Gold and oil have been two of the hottest trades of the past one year. One of them has to break

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Gold and oil have been two of the hottest trades of the last 12 months, but one could be causing the other to falter now.

What’s good for energy stocks may be bad for precious metals if the rally in crude means a rise in Treasury yields, which usually means lower gold prices.

Sentiment has been shifting bearish in the SPDR Gold Shares (GLD)

over the past week, with put volumes approaching that of calls and almost twice as many calls being sold in Monday’s session vs being bought. Put premiums now also surpass call premiums, with $128 million of puts trading in the session, compared to $119 million in calls, according to SpotGamma.