Leveraged gold exposure means that the ETFs use borrowed money to magnify their gains or losses on gold.  For example, a 10% rise in the price of gold could cause the fund to gain 20%.  Conversely a 10% drop in the price of gold would cause a 20% drop in the value of a share of the fund.

Two options for leveraged gold exposure are the PowerShares DB Gold Double Long ETN and the ProShares Ultra Gold (UGL).  Both use 200% leverage so a 2% increase in the price of gold results in a 4% gain.

Inverse funds mean that the funds move in the opposite direction of gold.  For example, if gold’s price was to go up 10% these funds would go down 10%.

Some options for inverse gold holdings are:  PowerShares DB Gold Double  Short ETN DZZ which uses -200% leverage and consequently trades double the inverse of the price of gold.  ProShares UltraShort Gold (GLL) uses -200% leverage also.  PowerShares DB Gold Short ETN (DGZ) does not use leverage, but trades the inverse of gold prices.