Hello I'm Neal and I am here to help resolve your issue. If I cannot help I will opt out and refer your question to another expert.
Especially with it doing it cold, it pretty much has to be the head gasket. Sorry to be the bearer of bad news but that is what it is going to do in almost all cases like that. I have even seen them with both head gaskets blown.
It doesn't do it everytime.. if a headgasket was blown wouldn't do it everytime the engine was running?