Investors who seek to partake in serious gold action must proceed with caution when selecting a vehicle. Search the web on GLD and you'll find plenty of questions about whether there's really gold or paper in there. I can't blame the University of Texas for safeguarding $1B in physical gold with a custodian. IMHO the safest place for gold is in mining companies' recoverable ore; it's pretty hard to fake it or steal it.
Full disclosure: Long GDX with covered calls.