Like two astrologically-incompatible zodiac signs in a harmonious relationship, equities and gold have been getting along quite well. The uncorrelated assets, by nature, have been bucking the trend and moving in tandem—as for gold, the recent rally in the precious metal could just be the tip of the iceberg.

With a degree of uncertainty still lingering in the markets, gold has been a beneficiary during these pandemic-ridden times.

“The macro set-up is so perfect for something like gold,” Michael Novogratz, CEO and chairman of Galaxy Digital, told CNBC’s “Fast Money.”

An assist also goes to the central bank, keeping rates low while churning out greenbacks.

“The Federal Reserve and central banks around the world just keep printing money – more money, more money, more money. And so, gold is going to take out the old highs, $1,950 or something, and it is going to keep going. I think we are just starting this move,” Novogratz continued. “We are in the irrational exuberant zone on the markets but it is hard to figure out where that stops.”

Gold Price in US Dollars Chart

Gold Price in US Dollars data by YCharts

ETF Gold Exposure

Traders looking to use leveraged exposure via ETFs can look at the Direxion Daily Gold Miners Bull 3X ETF (NYSEArca: NUGT), which makes an indirect play on the precious metal via gold miners. NUGT seeks daily investment results, before fees and expenses, of either 300% or 300% of the inverse (or opposite), of the performance of the NYSE Arca Gold Miners Index.

“What we would urge investors to do is to start to diversify and the one asset that is bound to go up a lot more is gold,” Michael Howell, CEO of Crossborder Capital, told CNBC’s “Squawk Box Europe.

Even if investors aren’t looking for a quick trade set-up in gold, they can opt for funds like the SPDR Gold Shares (GLD) for long-term exposure as an option to holding physical gold. GLD seeks to reflect the performance of the price of gold bullion, less the expenses of the Trust’s operations–the Trust holds gold bars and from time to time, issues baskets in exchange for deposits of gold and distributes gold in connection with redemptions of baskets.

“The rally in gold has been very orderly and steady, so it really shows that this is a very much a long-term investor bid right now,” Boris Schlossberg, managing director of FX strategy at BK Asset Management, said Wednesday on CNBC’s “Trading Nation.”

“I think there’s still quite a lot of way for it to go as it starts to move higher,” he added.

For more market trends, visit ETF Trends.