...and worthy of another "in retrospect" moment for the historians of the future, who will count the current bubble in gold (and indeed in most commodities) as a misplaced faith in their ability to substitute as "money".
This snippet from yet another gold ETF prospectus. Again, the claims on physical gold (which open up additional risk as multiple collateral claims may be had for the same cache of gold, especially given current prices) will be far more than the actual gold available.
"The trustee may suspend the delivery or registration of transfers of Shares, or may refuse a particular deposit or transfer at any time, if the trustee or the sponsor think it advisable or any reason....or...during an emergency as result of which delivery, disposal or evaluation of gold is not reasonably practicable"
So, once again, we are compelled to inquire as to what is reasonable. And even more interesting from a risk point of view, the PERSPECTIVE of whom decides what is reasonable falls on trustee OR the sponsor. This is all in light of Net Asset Values being slightly LOWER than a comparable investment in physical gold - despite the risk (but offset of course by storage costs and other risks associated with holding physical gold).
The point being here, is that there is no shortage of investment options to "take advantage" of this latest gold rush, and that in it of itself should make would be gold bugs wary.
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