The turmoil in the markets makes it too easy to justify selling any stock these days. Yet while panic never helps investors, it's still a good idea to play devil's advocate with investments.

Consider gold miner Golden Star Resources (NYSE:GSS). Though precious metals have attracted much attention, more than a few of the 760 Motley Fool CAPS members who've weighed in on the company offer reasons for bearishness.

Here at the Motley Fool, we like to consider both the good and bad sides of an investment, so I'm highlighting three bearish arguments on Golden Star Resources today. Be sure to read the bullish side as well, and then weigh in with your own comments below or rate Golden Star Resources in CAPS.                                             

1. Did gold stall?
There's been a huge run-up in gold prices recently, which has already brought strong earnings to companies such as Barrick Gold (NYSE:ABX) and Kinross Gold (NYSE:KGC). But Golden Star has already reached 52-week highs, and it's now expecting slightly lower 2010 production volumes compared with last year. Some investors, leery of gold's price trajectory, are taking the opportunity to cash out.

2. Costs
While Golden Star managed to bring its costs down in 2009, it's also guiding for higher cash operating costs in 2010. Other miners with operations in Africa, like Gold Fields, expect higher costs, too. Some CAPS members look instead to sink their money into other, lower-cost producers such as Goldcorp (NYSE:GG) or Yamana Gold (NYSE:AUY).

3. Did he say "bubble"?
Although some see higher gold prices in the future, times remain volatile. There will likely be many twists and turns along the way back to normalcy. Many investors think too much optimism is already baked into gold prices. Any pullbacks in gold prices could hurt shares of producers like Golden Star, as well as funds like SPDR Gold Shares ETF (NYSE:GLD) and Market Vectors Gold Miners ETF (NYSE:GDX). Some CAPS members think they've already missed the boat, and they're looking elsewhere.

To see more of what CAPS members are saying now about Golden Star Resources, click over to Motley Fool CAPS, or add your own thoughts in the comment box below.

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Fool contributor Dave Mock votes three to be the number of the day. He owns no shares of companies mentioned here. The Fool's disclosure policy isn't superstitious, but it still avoids cracks, black cats, and ladders.