I feel that the scenario for gold to have a pullback is a "muddle through" summer, which could cause the fears of the two more extreme scenarios to diminish and result in a gold decline, perhaps to levels last seen in the fall of 2008.
If shorting gold is your thing, I wouldn't go on vacation. Mind the store and get out if your position loses more than 10% from entry or 15% from the position high reached after opening the trade. Possible vehicles include shorting the heavily traded GLD (shown in the chart above) or buy the new UltraShort Gold ProShares ETF (GLL).
2. Buy Corporate Bonds
The yield spreads between investment-grade corporate bonds and U.S. Treasuries remain at historic highs. See the following chart, courtesy of Bespoke Investment Group:
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