Four Ways to Play New Gold Rush

Buy 100-ounce bars of bullion, which currently cost about $36,000, from a dealer. You can take your 6-pound gold bar home in your briefcase and then place it in a your home safe, a safety deposit box or a certified public gold depository. Disadvantage: The dealer takes a considerable margin on the sale.

Buy gold coins from a dealer that are good as legal tender, such as the Australian Kangaroo, the Austrian Philharmonic, the Chinese Panda, the Canadian Maple Leaf and the American Eagle. Disadvantage: Same as bullions; you pay extra for the nice designs and convenience.

Buy gold futures at a commodities broker. This requires you to put up the least amount of money, as the futures are a highly leveraged market and spreads are low. Disadvantage: Highest risk.

More abstract methods and strategies, including bondlike "gold-linked notes," are listed at the Web site of the World Gold Council. The bottom line, according to partisans, is that in the event of further monetary or political trouble, gold is money and the green stuff in your pocket is not. If you decide it seems worthwhile, you might wait for the metal's current war premium to ease off. Several analysts I spoke to believe the right place to buy might be around $330 an ounce, down 10% from its current perch around $363.

If you have a similar or contrasting view, let me know by writing to [e-mail].

Fine Print

The World Gold Council Web site has a wealth of information about the metal. Most of the U.S.' gold reserves are stored in a vault at Fort Knox Bullion Depository under the supervision of the U.S. Treasury. More American gold is stored at the Philadelphia Mint, the Denver Mint, the West Point Bullion Depository and at the San Francisco Assay Office. See more info at the Web site of the U.S. Mint. ... The PBS Web site has a nice set of pages detailing the California Gold Rush.

Critics of gold like to say that the metal has become just another commodity. If that's so, then where's the Fort Knox of pork bellies and orange juice?