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Exchange traded funds that track the price movement of gold toppled after prices almost hit $2,000 an ounce, but they have since recovered from their May lows this year. While the pessimists have been quick to call a bubble in the gold market, the gold rally may still have legs.

For instance, the SPDR Gold Trust (NYSEARCA:GLD) added $1.5 billion in new assets under management over the past two weeks, writes Gary Gordon for ETF Expert. The ETF recently crossed over its 200-day moving average.

Gold bulls are jumping back in. Bloomberg recently reported that gold investors were the most bullish in nine months, with 29 of 35 surveyed analysts expecting rising prices and only three were bearish on the metal.

For instance, the $21 billion PIMCO Commodity Real Return Fund raised its gold allocation by 9% and the Soros Fund Management LLC doubled its GLD holding over the second quarter.

Looking ahead, the eurozone debt crisis has never really been rectified and global economies are engaging in loose monetary policies, both of which could help strengthen gold's appeal as a store of value.

"The extreme behavior of major central bankers and the absurd 'risk-on/risk-off' surges of liquidity across all markets fueled by those liquidity injections sloshing around markets rather than reaching any economy is frightening, and the most bullish fuel they could throw at the gold market," technical analyst Ian McAvity said in a U.S. Global Investors research note.

Additionally, McAvity points out that Asian countries are still buying gold, notably China, which added almost 800 tons between June 2011 and June 2012.

Hedge fund manager John Paulson in a conference call Tuesday said he remains bullish on gold over the next five years, CNBC reports.

Other gold ETFs include:

  • ETFS Physical Swiss Gold Shares ETF (NYSEARCA:SGOL)
  • ETFS Physical Asian Gold Shares ETF (NYSEARCA:AGOL)
  • iShares COMEX Gold Trust ETF (NYSEARCA:IAU)
  • Powershares DB Gold Fund ETF (NYSEARCA:DGL)

Max Chen contributed to this article.

Disclaimer: Tom Lydon serves on the Board of Directors of U.S. Global Investors, Inc. (NASDAQ:GROW).

Source: Gold ETF Rally May Keep Running