[grumpygresh]

You really have to be thinking that ETFs are operating more like fractional reserve bankers; inventing gold paper out of thin air.

[arthurus]

Something like that.

[Timocrat]

You really have to be thinking that ETFs are operating more like fractional reserve bankers; inventing gold paper out of thin air.

There is no doubt that they are. In many cases they are leasing gold from the central banks. Its difficult to understand why someone who wants to be long gold would buy a gold ETF, essentially they are investing against themselves.