PowerShares DB Gold (DGL) may be an improvement for gold investing through exchange traded funds (ETFs). It’s different in that it owns no gold, creating its exposure through futures market, with most of its assets in treasury bills that pay interest. Roger Nusbaum of TheStreet.com says it’s a reasonable bet that DGL’s expenses will always be covered by the interest income and that there will be enough left over for the fund to pay shareholders. The biggest worry here is contango-rolling over from one futures contract that is more expensive than the one expiring.

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