Gold may be the hottest investment in the world right now.

This yellow metal now commands more than $1,250 per ounce, and many folks are making wild predictions about how far it can run.

Yet there are many ways to invest in gold and each has its pros and cons.

Whether buying simple jewelry as a newbie or arbitraging gold markets across international borders as a hardcore trader, we'll show you how to make it happen, ranked from the least hardcore strategy to the most.