The volatile moves in gold prices are impacting exchange traded funds tracking single countries that are big producers and consumers of the precious metal, according to an ETF industry strategist.

“Investors interested in gaining exposure to gold, and expressing views on it, usually trade the commodity itself, or trade gold producers, which are the companies that operate gold mines,” said Russ Koesterich, global chief investment strategist at BlackRock’s iShares business.

“Investors, however, should be aware of less explicit gold exposures in their portfolios that come from trading funds tracking equity indices of countries that are consuming gold and of countries in which gold mines are located,” Koesterich wrote in a blog post this week. “Possibly due to the strong sentiment that has supported the gold rally in recent months, the sensitivity of these country indices to gold price movements has become more pronounced.”

ETFs that track physical gold prices moved higher Tuesday on worries over the Eurozone debt turmoil. [Gold ETFs Back on the Move After Margin Hike]