A 400-ounce gold bar's spot value is staggering, but what you pay or receive varies widely in the physical market.

Gold prices have been soaring recently, and that has a big impact on the gold investments that make sense now.

When you think of buying gold, you may envision gold bars stacked in a safe just begging for a heist, or imagine the voice of an old-time prospector yelling about “gold in those hills.” Either way, if ...