Only two countries, the US and Germany, hold more bullion than gold-backed ETF investors.
Gold exchange traded products (ETPs), more commonly referred to as ETFs or exchange traded funds, have utterly changed the market in gold over the last decade.
Many market observers give much credit to ETFs for gold's uninterrupted 12-year bull run, because ETFs make it so easy to invest in the yellow metal.
The popularity of the instrument also has a downside. ETFs have added to the volatility in the price of gold and ETFs have sucked up the investor cash that was going into gold mining stocks, leaving the sector undervalued and underfunded. ...