by Ian Cooper

Gold is hitting record highs.

And there’s still further upside ahead.

Last trading at $4,984, some analysts are now calling for $7,000 gold.

While a substantial number of analysts have been calling for $5,000 gold for some time, we’re now seeing calls for $7,000 gold. According to SAMCO Securities, gold could test $7,000, driven by further geopolitical uncertainties, sky-high deficits, central bank demand, and the real interest rate environment, as noted by Business Standard. In addition, analysts at Jefferies expect for gold prices to test $6,600 over the next few months.

Here are three safe ways to trade the potential upside.

VanEck Vectors Gold Miners ETF

Not only can you gain access to some of the biggest gold stocks in the world, you can do so at less cost with the VanEck Vectors Gold Miners ETF(GDX).

The ETF holds positions in Newmont Corp., Barrick Gold, Franco-Nevada, Agnico Eagle Mines, Gold Fields, and Wheaton Precious Metals to name a few.

Even better, shares of mining stocks often outperform the price of gold. That’s because higher gold prices can result in increased profit margins and free cash flow for gold miners.  In addition, top gold miners often have limited exposure to riskier mining projects.

Sprott Junior Gold Miners ETF

The Sprott Junior Gold Miners ETF (SGDJ) seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index, the Solactive Junior Gold Miners Custom Factors Index. The Index aims to track the performance of small-cap gold companies. 

Global X Gold Explorers ETF

The Global X Gold Explorers ETF (GOEX) invests in companies involved with gold deposit exploration. Some of its top 50 holdings include Coeur Mining, Lundin Gold, Hecla Mining, New Gold Inc., SSR Mining, and Alamos Gold. GOEX also pays a semi-annual dividend.