Hold your horses! Big difference between a gold stock *fund* and GLD which tracks the price of gold bullion. Anyway, why bother with a fund when you can easily copy it by buying 5-10 of the stocks in $XAU?
there are some funds that somewhat mirror the xau. gld is NOT one of them, GLD mirrors the metal, not the stocks. you can try the precious metal sector fund at rydex. i also think some brand name fund companies like fidelity have sector funds. you can also assemble your own XAU by buying the component stocks on your own.
You can also trade options on $XAU. IV is low, bid/ask spreads are kind of wide, but you can get filled inside the spread.