Gold very much the risk play at present. The two etf's that I have in a gold folder is GLD and GDX - the latter being slightly more leading since it's miners.
The interesting thing on daily on both has been the recent break of the high, with associated increase in volume before reaching that high.
Some guys would say perhaps the increase in volume reflects sells at the high, but price continued up with the volume, much greater volume than when reaching highs last year, so investors have been buying both etf's heavily in the past 8 days.
Will it continue? - likely the the little spurt in oil could fizzle out, if so then more stock selling and gold buying for a while anyhow.
First GLD eod:
Then GDX eod: