Lighthouse,
I do agree regarding points on producers however if you believe gold is going higher, alot higher, then there is an interesting flip side versus just selecting currently strong producers with low cash cost, paying dividends ect for investment.
A producer with high to uneconomic cash costs will increase their earnings at a higher rate then say a US$250/oz cash cost producer. Or for a mine or project that moves from loss making to cash flow. Something similar (albeit much broader) happened in uranium and silver in the last 10 years, initial gains can be "impressive".
Would look for quality but also something else with just enough or alot of fleas.
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