Not all ETFs are the same. Some offer real asset backing (eg Lyxor/Soc Gen, and Blackrock I think). Many are indeed, just complex derivatives, some with alarming hidden +/- leveraging or counterpartyrisk.
Find a quality ETF and I cant see the point in the real metal; Expensive and awkward to hold.
Last edited by Joe le Taxi; 21st Sep 2012 at 21:11.