I am in a similar situation, but my gold has been less than I would like. GDX is going up and down more like a stock, than a commodity – but GLD has been o.k. I am also long in Euro bonds that are doing well, but expiring this month.
I am real leary of stocks, but all that money has to go some where and the stock market may be the only place that can absorb all of the “new” dollars. I am hedging with SDS which goes up double when the S&P goes down.
I may want to shoot myself later, but I am thinking that there may be some bargains in the market, and that the overall market may be lackluster, but some discount consumer staples may do O.K.
My real worry is a fire sale on the dollar, and any dollar denominated CD’s and bonds may be seriously hurt.