Why can't you just trade gold futures, such as the mini-gold: https://www.theice.com/products/31500921/Mini-Gold-Future Frank
We did not go there because of the thread title... "What is the best way to short gold (no futures) - can I go long on USD"
As far as gold related instruments, there are many: silver, JPY, 10 years note, USD. Among them, USD is the least related.Silver is the most related. BTW, silver is a short now.
Sorry for the misunderstanding. When I say long short, it does not mean long and short at the same time. It just means that I will go along sometimes and short sometimes. It's basically a trend following strategy. I wish I would have said that earlier and prevented the discussion going into another direction. Once again I apologise for the problem
Long 10 units gold + short 10 units gold =flat ( better to sell 10 units gold to save commission and spread) long 10 units gold + short 5 unit gold = long 5 units gold( better to sell 5 units gold to save commission and spread) It doesn't matter when you do it. Whenever you want to open an opposite position, sell the same amount of original position instead, will get the same result.
Looks like the EUR is even better. What do you have against DZZ? Also: https://seekingalpha.com/article/437431-a-guide-to-inverse-gold-etfs-and-etns