How about Gold ( GLD ) and Gold Miners ([[GDX]] and [[GDXJ]])? Michael Albert submits: It seems like in many ways the only question that really matters for the "Risk-On" or "Risk-Off" trade is whether market participants believe we're entering into a period of inflation or deflation. Furthermore, given continuous recurring fears over debt deflation -- whether due to concerns over heavily indebted European countries or U.S. municipalities -- we continously seem to feel what I call "pulses" of liquidity coming into the market and getting sucked right back out.