The sell off after a parabolic peak that saw everyone and his dog buying Gold would be typical. I heard of people who never speculated in anything rushing to buy Gold in some form. I even had a guy I knew that never traded in his life phone me and bought me lunch last week and wanted to talk about buying Gold,lol. It was a nice lunch but I told him to keep his money in the bank instead "for now". BUTTTTTTTTTTTT selloffs often take place over time not just in price and this consolidation/selloff could take weeks and only drift lower. But you are correct in that 'if' prices do correct sharply and quickly the reward would certainly be worth the small risk.
Coffee is also one that is overdue for a sharp pullback. But of all the years I've looked at Coffee options I have always found them extremely expensive. I don't even check them out anymore. Maybe I should start looking at them again but I suspect nothing has changed. Usually you would need to see Coffee crash to make any money on the puts.