"...a story out of India at commodityonline.com. The headline read: "India Gold ETFs dismal; hold only 5 tonnes of gold"...MUMBAI: Nearly two years after India launched the Gold Exchange Traded Funds (ETFs), gold collections by the five gold funds in the country have been dismal. India’s Gold ETFs hold just over 5 tonnes of gold whereas Indian households own about 15,000 tonnes of gold, comprising around 10 per cent of global stocks of the yellow metal.

I whined like a stuck pig when I heard that India was instituting a gold ETF. I ranted about paper vs physical, vapor storage of gold, gambling versus holding real value, etc.

Seems the indians were way ahead of me. They reject the notion of paper gold. Now I will wait in wonder as the price of gold rises, and physical becomes scarce, if people all over the globe will turn to paper bets (ETFs) in desperation. Somehow I don't think people around the globe are as gullible as the products of US public education.