With trust shaken in the financial sector, there is growing concern and skepticism that precious metals ETFs are a scam. The word is slowing filtering out to those who have been flocking to these gold and silver proxies for an option against the instability of fiat money.

Bill Cara is now also on board and suggesting that precious metals ETFs are simply derivative based proxies for gold and silver without backing. Sooner or later this scam will also be exposed, leaving gold and silver miners with real deposits like ECU as the last remaining option next to physical bullion.

Below is Bill Cara's commentary from today:

I believe that Humungous Bank and Broker (HB&B) is purposefully and systematically destroying the stock-broking, insurance-broking and mortgage-broking industries and that nothing good will come of this process. Because the principle of independent research, objective analysis and free choice is being increasingly denied us, the public is becoming a bank chattel. At some point, there will be a massive rebellion. I believe this event will occur on President Obama's watch.

At the end of the day, the President and HB&B will see they have gone down the wrong road. That will become obvious when depositors cause runs on the banks, withdrawing their paper money to exchange it in the streets for gold and silver.

The bankers' scam of precious metals futures that fail to deliver anything but fiat money and their phony derivatives-based precious metals exchange traded funds (ETFs) like GLD and SLV will crash at some point as investors increasingly put their faith in physical money, not in the credit system or the US Dollar.

I implore President Obama to reject the advice he is getting from bankers, and to listen to the anti-bank lobby before the people take matters, like money, into their own hands.

Bill Cara