Gold stocks or mutual funds. The advantage of buying stock in gold mining companies is that these companies typically pay dividends. And when the price of gold rises, they have more profits out of which to pay those dividends, since the cost of mining stays the same.

For a complete selection of gold stock mutual funds, go to Morningstar.com, or go to usfunds.com, the Website of U.S. Global Investors, which has several funds devoted to gold and precious minerals, as well as extensive and understandable explanations of the gold market. (Full disclosure: I have owned their no-load funds for years.) Exchange traded funds. There are some stocks that reflect the price of gold because they hold their assets in actual gold. The NYSE-listed stocks SPDR Gold Trust (GLD) and Central Gold Trust (GTU) reflect daily price changes in gold. You are, in effect, buying a share of their bullion holdings. Futures to jewelry. The gold in your jewelry box becomes more valuable as the price of gold rises, but beware of rip-offs and scams offering to buy your unused jewelry, which is probably only 18-karat gold and thus less valuable by the ounce.

You also can trade futures contracts on gold, and options on futures contracts, but this is the riskiest way to participate in the market.

Finally, while you hope to make money on your gold investments, you should hope not to make too much money. If gold soars in price, it means that the value of your dollars -- your buying power -- has diminished. That would have catastrophic consequences for the American standard of living.

Your purchases of gold might be treated as an investment, or a collection, or a speculation. But always keep in mind that your lifestyle will be purchased in dollars. And that's The Savage Truth.