Of course, in hindsight, it would be unwise to invest in gold if the gold market were to tumble within the next few weeks. During these tough economic times, investors seem to be attracted to gold as a hedge against inflation and shelter from a possible double-dip recession. If the global economy starts to rev up, gold prices could take a beating. Premium members can set alerts so they don’t miss a key trend crossover. [The Virtues of Gold ETFs.]

But if you think the economy is not going anywhere anytime soon, then Mike Pienciak of The Motley Fool thinks that investing in gold mining stocks would be the better, although more aggressive, play. He remarks that noted investor John Hathaway primarily owns shares of gold miners in his market-beating Tocqueville Gold Fund. [Gold ETF Surges to New Milestone.]

The two pure-play gold miner ETFs are Market Vectors Gold Miners ETF (NYSEArca: GDX) and the Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ).

For more stories on gold, visit our gold category.

Sumin Kim contributed to this article.