I could understand the arguement that there is considerable risk...

I could understand the arguement that there is considerable risk trading / punting a long position on margin at the current juncture - In saying that I certainly wouldn't attempt to short gold as a trade and would certainly recommending holding onto all physical positions.
I think the real risk/reward trade is buy the miners - even if the gold price falls $100 or therabouts and equity markets recover you could still see 10% to 15% upside as the miners remain considerably undervalued relative to currnet spot prices.