In the past when I have looked into shorting a commodity, currency or sector index using options I have made mistakes. As in the case of not understanding the correlation between individual stocks in a sector which might trade different than the commodity they represent. Gold is a good example. I checked GLD and it has no options. If I put any of the indices, GOX or HUI I fall into the trap of iliquidity and huge spreads, and still they don't follow GC to the T. If I short the futures option contract I am playing the futures contract price and have the same issues of iliquidity. Any opinions, guidance ? Thanks.