Gold prices have once again surged past the $1,000-per-ounce mark on worries about inflation and a weakening dollar. Fortunately for investors, there’s more than one way to play the metal’s move with exchange traded funds (ETFs).

Investors are worried about the prospect of inflation, along with a weakening dollar. As a result, they’re snapping up gold as a hedge and sending prices past the all-important $1,000 psychological barrier, reports Julianne Pepitone for CNN Money.

The last time gold traded above the mark was in February, when investors grew concerned that the nation’s big banks were going to be nationalized. Before that, gold topped the $1,000-mark in March 2008, hitting a record $1,014.

There are several ways to play the gold move (and be sure to note the differences between them):

  • SPDR Gold Shares (GLD): up 12.6% year-to-date
  • iShares COMEX Gold Trust (IAU): up 12.6% year-to-date
  • PowerShares DB Gold (DGL): up 11.4% year-to-date

In addition to the ETFs that hold gold bullion or gold futures, the gold mining ETF could also be worth a look. Many of these companies are benefiting from gold’s higher cost, and since it can be challenging to pick one or two strong companies, a gold miner ETF can be a great diversified way to get some exposure.

Analysts caution against getting carried away, though. Reuters notes. This is especially true since no one knows how long this rally could actually last. We agree: to keep your emotions and excitement out of the equation, be sure to enter any gold positions with a strategy, and have an exit point if the $1,000 mark doesn’t stock over the long haul.

  • Market Vectors Gold Miners ETF (GDX): up 32.9% year-to-date

For more stories about gold, visit our gold category.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.