It depends on your risk tolerance. If you're hedged with a long put on a decent time horizon, I don't think you have much to worry about, as you're locking in a price in case the REIT falls significantly. Your max loss is capped at the premium+commission you paid for the long put. It helps to have some physical precious metals, as paper precious metals are risky and I don't think COMEX can enforce their futures contracts effectively. This is to hedge against currency risk.