Gold hit a new record high recently of nearly $1,250, and many experts say the rally has just begun.

The massive fiscal and monetary stimulus around the world will debase currencies and spark inflation, making gold an attractive haven investment, they say.

Ben Davies, manager of the Hinde Gold Fund, says $36,000 isn’t an outrageous target. “I think it goes beyond risk aversion and safe haven,” he told CNBC.

“For us it’s a cash supplement. It is money. With central banks around the world denigrating their balance sheets at an alarming rate, there’s been such a proliferation of currency that that’s where the bubble is.”

But there’s certainly risk in buying gold now. It’s already trading at five times its 2001 low of about $250.

The Wall Street Journal suggests buying call options on gold exchange-traded funds (ETFs). That way you can buy an ETF if the price goes up and walk away from your option if the price goes down, losing little.

“So instead of risking $119 a share on the GLD (SPDR Gold Trust) fund, investors could, for example, pay $16 for $120 call options good until January 2012,” the Journal points out.

“That would give them the right to buy the shares at $120 if gold booms, and limit their losses to $16 if gold tanks.”

So call options are a cheap way to give yourself exposure to gold.