Gold exchange-traded funds (ETFs) and exchange-traded notes (ETNs) have become the new fad for 401k plans and individual investors. Folks have been flocking to the key gold ETFs via SPDR Gold Trust (GLD), Market Vectors Gold Miners ETF (GDX), iShares COMEX Gold Trust (IAU) and even the ETFS Physical Swiss Gold Shares (SGOL). In fact, the SPDR Gold Trust would be one of the top five or six central government banks in the world if measured solely in gold holdings.

Anytime you get a hot market, as we can see now with gold, you can bet more investment vehicles pop up to capitalize on the fad. Enter leveraged gold ETFs and ETNs, which add another layer to playing the gold market right now.

The Market Vectors Gold Miners ETF (GDX) attempts to replicate as closely as possible the price and yield performance of the Amex Gold Miners Index.

GDX is in a bull market with both the long-term support line and the 200-day moving average at near $40. Although this is a volatile performer, bouncing 10 points between the high and low of its bull channel, the volatility gives us a second chance to buy this stock at a good price.