Cautiously i'm going to put on a short on GLD. The price has had an extreme runaway in the past. Has recently started to falter it's tremendous advance. Neither reasons to put my neck on the block. Yet the buzz it had for quite some time, setting high after high has gone away.
It lost some of it's appeal to add it to any stockportfolio as a hedge against market risk, given that it showed recently it can make sharp moves down in a short time. Some bulls have been arguing present and future demand from China. Recently i'm noticing more and more evidence of at least the chance of a significant downturn in the Chinese growth show.
The downside risk of this trade remains unlimited and i will initiate a small position. If it runs away from me i'll cut it at a 10% loss. If it starts to move in the right direction i will gradually increase the position size. I can change my mind on any macro developments.

GLD is at 1705$ now let's see how it goes.