the short-term implied volatility is the price of Gamma, i.e. th

"In traders jargon, the short-term implied volatility is the price of Gamma, i.e. the price traders are ready to pay now for receiving current realised market volatility, whereas the long volatility is the price of Vega, i.e. the price traders are ready to pay for benefiting from future long-term implied volatility trends. It is true that the markets for Gamma and Vega are connected through partial hedging and, therefore, somewhat correlated, but this correlation is far from being 100%."

Wilmott magazine, pg 74