Is it time to short Gold yet? (GLD)

All you hear lately in the news is gold, gold and more gold. Gold is the rage - which means the savvy investor shouldn't touch Gold with a 10 foot pole.
In fact, it may be time to short the SPDR Gold Trust (NYSE:GLD).

 
“Gold is clearly overbought, gold is clearly over- participated in by the investing/speculating public, and gold needs a good sound thrashing to take the late-comers out of the positions and in the process restore relative health,” economist Dennis Gartman said in his Suffolk, Virginia-based Gartman Letter.

Gold futures were up 14% in November, the best monthly performance in ten years

In spite of all the overbought talk, there is still significant risk if you short GLD.

Adjusting prices for the effect of inflation, gold will not be at a high until it goes over $2500. Even at the $1200 there is still a long way to go before it gets there.

However, this investor thinks it's just a matter of time before the bubble bursts. It may not be this month or next month, but I want to be there when it does to capitalize.