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James Turk on Gold and Silver (Part II)

ETFs are regulated as equities not commodities for a reason. Paper is paper and metal is metal. I actually have some capital allocated to GLD but I understand it is exposed to the bullion price and not actual bullion.

The differences in how title is held make all the difference. I am sure some of the ETFs give exposure to the bullion price but they are different from owning the bullion itself. In other words, having an ETF has Counter-Party and Performance Risk whereas a custodian like GoldMoney has only Performance Risk. Why else do the ETFs traded at Premiums and Discounts to their NAV?