The futures price of gold soared to a record $1,009 an ounce, but related exchange traded funds (ETFs) appeared unmoved by the news.

A dollar that plunged to record lows against the euro in response to news of troubles at Bear Stearns (BSC) is the main culprit here. The new high for the precious metal is seen as a clear sign that Americans aren’t confident about the direction the economy is taken, reports Pham-Duy Nguyen for Bloomberg.

Gold is sensitive, though. It can be especially risky to invest in the metal if you’re hoping to make a quick buck - you could lose big. It’s subject to a number of economic factors that increase its risk as an investment, says Ben Rooney for CNN Money. If you’re going to do it, ETFs can help an investor sidestep some of the pitfalls.

streetTRACKS Gold Shares (GLD), for example, allows individuals to invest in gold without having to physically hold it. Analysts say that gold’s recent surge has only been further fed by speculative investments by hedge funds.

Market Vectors Gold Miners (GDX) has also been riding gold’s momentum, up 22.2% year-to-date. That’s nearly side-by-side with GLD and iShares COMEX Gold Trust (IAU), up 19.5% and 19.4% year-to-date respectively.

Tags: EWC, GLD, IAU, Metals, UNG, VGK

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