“Our target at the end of this year is $1,050, really driven by the view that we think that the Fed will ultimately be the dominate force here and put more downward pressure [on prices],” Jeffrey Currie, head of commodities research at Goldman Sachs, said on CNBC, recommending traders should now short bullion.

Traders who believe gold will continue to dull can consider a number of inverse or short exchange traded note and ETF options.

For instance, the ProShares UltraShort Gold (NYSEArca: GLL) provides a two times inverse, or -200%, daily performance of gold bullion. The Direxion Daily Gold Bear 3X Shares (NYSEArca: BARS) reflects the daily -300% daily performance of gold. Over the past month, GLL is up 3.1% and BARS is up 3.5%.

Alternatively, ETN options include the PowerShares DB Gold Double Short ETN (NYSEArca: DZZ), which tries to generate the twice inverse, or -200%, return of the daily performance of gold, PowerShares DB Gold Short ETN (NYSEArca: DGZ), which tries to reflect the inverse of gold price movements, and VelocityShares 3x Inverse Gold ETN (NYSEArca: DGLD), which tries to reflect the performance of three times the inverse, or -300%, daily performance. Over the past month, DZZ is up 3.7%, DGZ is up 1.8% and DGLD is up 5.0%.

Potential investors should keep in mind that inverse and leveraged exchange traded products may not perfectly reflect their intended target strategies over the long-term due to daily rebalances and compounding issues.

For more information on the gold market, visit our gold category.