Gold has been one of 2011’s best performing assets. Despite a rout toward the end of the year, the yellow metal gained nearly 15%, outperforming both U.S. and EM equities, and commodities in general (as measured by the GSG commodity ETF). Yet gold equities have underperformed. Super loose monetary policy in advanced economies and expansionary monetary policy in developed economies will feed inflation expectations and safe haven buying, which will be bullish for gold in 2012. The yellow metal will average $1,950 an ounce, according to Tom Winmill, President of Midas Funds, which should be bullish for equities going forward. Here are the best and worst ideas to invest in gold in 2012.