There are some pierce and possibly leveraged tactics to play the great global gold bull market.(GGGBM) : One can short the gold futures at the NYMEX and go long the physical metal. April 2007 Futures are trading at 571$ so anyone who is able to short the futures and take a couple of gold bullions "home" at a slight commission can make an arbitrage trade. I believe this kind of trade is very popular and the outcome will be higher real gold prices with a possible malfunction of the paper gold market.
One way or another the yellow dog is going to bite and bite hard…. Currently I see heavy accumulation, the gold chart looks bullish and the minor down slope is to be ignored. Also ignore Inflations, Interest rates and Officials speaks. Most common people are going to buy gold at four digits and higher. This is my opinion.