Deutsche Bank has issued three specialized exchange-traded notes (ETNs) linked to gold. The DB Gold Double Long ETN (DGP) aims to provide double monthly upside performance of gold.

The price of gold bullion through March 21st has climbed about 9 percent, compared to a 9 percent decline in the S&P 500 index. Gold recently broke the $1,000 an ounce mark and has been driven higher by a weak U.S. Dollar and market speculators.

For gold bears that believe higher gold prices can’t be sustained, the DB Gold Double Short ETN (DZZ) provides double monthly downside performance to gold. The DB Gold Short ETN (DGZ) provides similar upside if gold declines in value, but without leverage.

ETNs are debt securities linked to the performance of an index or currency. Unlike ETFs, they carry issuer credit risk, but don’t have any tracking error.

All of the gold notes performance is tied to the Deutsche Bank Liquid Commodity Index — Optimum Yield Gold Index plus a monthly T-Bill index return. Annual expense ratios are 0.75 percent.

Ron DeLegge is the San Diego-based editor of www.etfguide.com.