The gold bugs are on the loose. Today gold shot up to another new high of $1,212 per ounce. So far this year gold has risen 34%.

Investors are looking for a safe haven and are running headlong into gold. Governments around the world are buying more gold, with India buying 200 metric tons from the International Monetary Fund. The US Mint has run out of gold coins. The situation in Dubai is up in the air.

Over the last few years, futures markets have become a hot topic, but informal betting pools have always been around. And if you play with the definition, the stock market is its own futures market. That's why stock prices leap or drop as rumors or upcoming products are anticipated by stock holders.

Apple Computer, Inc. (NASDAQ: AAPL) certainly bounces around a bit more than many other stocks as a result of speculation, particularly around upcoming products. But Bodog sports betting has taken the whole idea a step further and created a betting area for whether certain products will be released by Apple. Bets can be placed on whether the Apple iPhone will be coming out, and when. You can also bet on whether Apple will announce a bluetooth enabled iPod at Macworld Expo.

The money seems to be on Apple announcing a phone by April 20th. Bodog has the odds favoring that and a Macworld Expo announcement. For bluetooth enabled iPods, Bodog's odds are against it. It's certainly an interesting way of guaging what products might be on their way from Apple, and a heck of a lot more interesting (and profitable for some) than the usual rumormill.

Some other financial bets you can play the odds with are whether Yahoo! will try and buyout Facebook, or whether Yahoo! Inc. (NASDAQ:YHOO) chief Terry Semel will resign or be fired!