Some investors were caught by surprise when gold prices stepped back from their highs, but today’s moves shows that gold exchange traded funds (ETFs) still have appeal.

John Spence for MarketWatch reports that major gold ETFs are seeing net redemptions of around $2.5 billion thus far in 2011, which may seem high, but compared to the $21 billion raised, it is not alarming. Some analysts say that year-end re-balancing can be a culprit, as can the rally in U.S. equities that have been a welcome sign. [How to Play Jim Roger’s Picks With ETFs.]

If there are any concerns that safe-haven interest in gold is dropping off, today’s moves should put those to rest. ETFS Physical Swiss Gold (NYSEArca: SGOL) and SPDR Gold Shares (NYSEArca: GLD) were up more than 2% in early trading. Despite a slight pullback from that, they’re still up nearly 1%. [How Gold Miner ETFs Stay Strong Even As Prices Cool.]

Whatever is in store for gold, you might consider gold miner ETFs such as Market Vectors Gold Miners (NYSEArca: GDX). Miners tend to do well when prices are as high as they are these days.

Tisha Guerrero contributed to this article.

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.