ETFs That Hold Gold Futures. If you’d like to own gold futures instead, without the trouble of rolling them over or just the plain expense of futures investing, PowerShares DB Gold (DGL) is an option.

Play the People Who Mine the Gold. Instead of investing in the physical metal or futures, you can hold a basket of stocks representing the companies involved in the mining and processing of gold via the Market Vectors Gold Miners (GDX).

Hold a Diversified Basket of Precious Metals. As with any asset class, it can be hard to choose which commodity is going to outperform the rest. Why not diversify a little? PowerShares DB Precious Metals (DBP) holds both gold and silver futures, so you can capitalize on the moves of both metals.

Go Short. If you think gold is going to lose value or you want a short-term hedge in your portfolio, ProShares UltraShort Gold (GLL) may be an option if you’re aware of the risks. Remember that short and leveraged ETFs rebalance daily and are not intended for buy-and-hold use.