Alternatively, ETN options include the DB Gold Double Short ETN (NYSEArca: DZZ), which tries to generate the twice inverse or -200% return of the daily performance of gold; DB Gold Short ETN (NYSEArca: DGZ), which tries to reflect the inverse of gold price movements; and VelocityShares 3x Inverse Gold ETN (NYSEArca: DGLD), which tries to reflect the performance of three times the inverse or -300% daily performance.

Investors widely expected gold to rally if Republican Donald Trump won the presidential election earlier this month, which he did, but that thesis proved incorrect. Democratic challenger Hillary Clinton may have actually been the preferred victor for gold ETFs because historical data suggest gold performs better when Democrats are in the White House.

“Gold supply/demand equation forecast to improve in 2017: Significant ETF demand in 2016 has masked a weak year for jewelry as India undergoes a number of (temporary in our view) dislocations in its market. The government’s Nov. 8th decision to cancel 85% of the bank notes in circulation in an effort to fight black market money and counterfeiting is likely to harm the jewelry industry in the near term, although we see this action as supporting the investment case for gold over currency in India (India Strategy),” according to part of a Credit Suisse note posted by Barron’s.

For more information on the gold market, visit our gold category.