“Markets change and evolve and right now gold is trading more like a currency than the safe haven it once was,” Frank Lesh, analyst FuturePath Trading, said. “It’s correlation with the dollar (negative) and euro (positive) is very strong. It is also trading as a risk asset as well and this is evident as it rises and falls with equity markets now. Gold is correcting the rally from the 1520’s to the 1760’s. I expect more consolidative trade with a downside bias.”

The largest gold ETFs and ETNs include:

  • SPDR Gold Shares (NYSEArca: GLD)
  • iShares Gold Trust (NYSEArca: IAU)
  • ETFS Physical Swiss Gold Shares ETF (NYSEArca: SGOL)
  • ETFS Physical Asian Gold Shares ETF (NYSEArca: AGOL)
  • PowerShares DB Gold Fund (NYSEArca: DGL)
  • RBS Gold Trendpilot ETN (NYSEArca: TBAR)

Gold miner ETFs include:

  • Market Vectors TR Gold Miners ETF (NYSEArca: GDX)
  • Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ)
  • Global X Gold Explorers ETF (NYSEArca: GLDX)
  • Global X Pure Gold Miners ETF (NYSEArca: GGGG)
  • Powershares Global Gold and Precious Metals Portfolio ETF (NYSEArca: PSAU)
  • iShares MSCI Global Gold Miners Fund (NYSEArca: RING)
  • Direxion Daily Gold Miners Bull 2x Shares ETF (NYSEArca: NUGT)
  • Direxion Daily Gold Miners Bear 2x Shares ETF (NYSEArca: DUST)

Some inverse and leveraged gold ETFs and ETNs:

  • ProShares Ultra Gold ETF (NYSEArca: UGL)
  • ProShares UltraShort Gold ETF (NYSEArca: GLL)
  • Powershares DB Gold Double Long ETN (NYSEArca: DGP)
  • Powershares DB Gold Double Short ETN (NYSEArca: DZZ)
  • Powershares DB Gold Short ETN (NYSEArca: DGZ)
  • VelocityShares 3x Long Gold ETN (NYSEArca: UGLD)
  • VelocityShares 3x Inverse Gold ETN (NYSEArca: DGLD)

For more information on gold, visit our gold category.

Max Chen contributed to this article.

Full disclosure: Tom Lydon’s clients own GLD.