Short Gold? Do it with the ProShares UltraShort Gold ETF

Do you think gold is headed for a correction?  If you do then buy the ProShares UltraShort Gold ETF (NYSE:GLL).  Since Jan 11th the fund is up 6.5%, its a slow mover and today its priced at $10.20 a share.
Gold prices have increased for nine straight years, could it be that gold enthusiasts may be in store for a gold overdose?
Robert Prechter, technical analyst known for predicting the 1987 stock market crash went on record today saying Gold has hit a top and could fall 40% from its peak.

ProShares UltraShort Gold ETF (NYSE:GLL) has traded from $8.45 to $18.70 over the past 12 months (see chart below).  The ProShares UltraShort Gold (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of gold bullion as measured by the United States dollar p.m. fixing price for delivery in London.

The benchmark price of gold will be the United States dollar price of gold bullion as measured by the London afternoon fixing price per troy ounce of unallocated gold bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery. The Fund’s investment advisor is ProShare Advisors LLC.

GOLD MOVING DOWN
Jan. 26 (Bloomberg) -- Gold fell in New York as a stronger dollar curbed the metal’s appeal as an alternative asset and as some investors sold bullion to cover losses in equity markets. Other precious metals dropped.

The dollar climbed as much as 0.6 percent against the euro and European equities posted the longest losing streak in more than six months on speculation China will take further steps to cool its economic growth, curbing demand for higher-yielding assets. Gold typically moves inversely to the dollar.

“Given the pressure put upon commodity markets generally by a strong dollar, it shall be hard for gold to hold itself erect,” Dennis Gartman, a Suffolk, Virginia-based economist and hedge-fund manager, told clients in his Gartman Letter today. Some investors may sell the metal because “capital can be raised to meet demands in other markets from gold,” he said.

Gold futures for April delivery lost $9.10, or 0.8 percent, to $1,087.70 an ounce on the New York Mercantile Exchange’s Comex unit at 8:32 a.m. local time. Gold for immediate delivery in London was 1.1 percent lower at $1,086.68.

The metal fell to $1,090.75 an ounce in the morning “fixing” in London, used by some mining companies to sell production, from $1,095.25 at yesterday’s afternoon fixing. Spot prices are 11 percent below a record $1,226.56 set on Dec. 3.