I have a lot of GLD but I too think that we're nearing a top given the irrational exuberance. Does shifting over to TBT make sense? I feel that it still provides protection against inflation/hyperinflation as well as even modest recovery. The only thing that could affect it is flight to safety which would affect both GLD and TBT. So it seems to me that my risks are still the same but my benefits are greater by holding TBT. If we have a modest recovery, interest will go back to more normal levels, and TBT should rise. However, GLD in the same scenario will plummet. The only thing that GLD will protect against is a destruction of the US dollar and hyperinflation, but I think TBT will do the same thing, as the interest rates will skyrocket as well. So TBT protects against the same thing that GLD does, except more and better. The same thing that will hurt TBT, flight to safety, will also affect GLD. Am I missing anything in my analysis?