A large risk reversal (collar) traded in GLD on the CBOE, with a buyer of 4400 GLD Jan-11 90 Puts for 3.70 against a sale of 4400 Jan-11 200 Calls for 1.80, a net debit of $1.90, or $836K, tied to a block of 132k shrs at 109.25. Trade appears to be opening, and suggests a relatively long-term view that recent all-time high in gold may not be sustainable. 52w high for GLD was set yesterday, at $109.71, and the downside strike on the collar is set about 17% below current spot.