Thank you VHF for the Butler article.
A constant thought went through my head as I read it:

ETFs while raising the price of a PM in the long run are diverting funds in the short run from the metal itself into the paper equivalent until the ETF backs the paper up. And there is a delay in the back-up so it provides breathing time for anyone attempting to control the price.

Damned if you do and damned if you don't.