Chap.... depends on your investment time frame. Personally, I would wait. Many of the publically traded REITs have been hammered, but I think they have more room to fall. If you are talking about a public, non-traded reit, I would stick to those that focus on medical office space or multi-family. If you want, you may also take a look at RAF. It focuses more on Asian real estate and has been destroyed in value and is trading at a 14% discount to NAV.
Jarod.... as for Gold, I think we are in a bull market for gold. Buying on pullbacks would be a good idea. Short term it will be volatile and thus should present good buying opportunities. Stocks that buy straight bullion will tend to be the safer plays. The miners are beginning to look more attractive, but will tend to be more volatile. If you look there, I would buy an ETF that invests in multiple miners. That way you are not betting on just one miner.