If you still think a gold rebound may come, then gold producers such as GoldCorp (NYSE: GG ) look like the best gold stocks to own right now, rather than the exchange-traded funds like SPDR GoldShares (NYSE: GLD ) . If you think gold has further to fall, as I do, then you could short the GLD outright, perhaps using Goldcorp as a long hedge . As gold bugs aver, the end-result of aggressive monetary and fiscal policies will be sharply higher inflation and depreciation of Western currencies.