Your GLD options are definitely not straddles. The ETF GLD, which are structured as a grantor trusts, are treated as collectibles; however, the options are considered non-equity options and therefore treated as Section 1256 contracts. You do not have to select any of the elections at the top of Form 6781. In fact, If your only Section 1256 Contracts are GLD options, you should not select any of them. Your gains or losses will be reported on lines 4c (short term) and 11d (long term) of Schedule D.
I recommend you review the instructions that are part of Form 6781 - Gains and Losses From Section 1256 Contracts and Straddles
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