On Thursday we saw evidence of options players looking to get short gold-related exchange traded funds, including SPDR Gold Shares (NYSEArca: GLD) and Market Vectors Gold Miners ETF (NYSEArca: GDX).

Gold, as well as silver, have had impressive rallies the past several days and GLD itself for example is up 12% from its lows of late 2011. Put buyers and call sellers dominated the tape into yesterday’s rally in these names and are obviously looking for a pullback. [Gold Miners Soar After Fed’s Low-Rate Pledge]

This presents an opportunity to highlight several exchange traded products that are structured as inverse or “short” vehicles in the space.

For those whom do not wish to, or are not equipped to use options as either hedges or for outright short bets, some of these products may present trading opportunities.

First off, ProShares UltraShort Gold (NYSEArca: GLL) is designed to deliver 2 times the daily inverse return of gold bullion prices, and this fund has amassed approximately $150 million in assets.

PowerShares DB Gold Double Short ETN (NYSEArca: DZZ) is another potential way to play gold from the short side, and it is structured as an exchange traded note as opposed to an ETF like GLL.