its probably worth about $700 an ounce AUD... but i think a wiser man than me once said The market can stay irrational longer than you can stay solvent
good luck
The futures markets allow one to get long or short exposure to a variety of commodities including gold & silver. Some futures brokers allow for physical delivery.
As an aside i see that the eurostoxx 50 is trading at around 9 times forward earnings and 1 times book value. Now the question is whether those earnings or book values hold...
Back to the main topic - as long as the asx 200 is under 4300 i would be bearish.