Here is an article that came out about 2 weeks ago with the same theme of lack of integrity in the pm ETF's. A different approach, but same view that they are rip offs constructed as part of the manipulation ploys by "the boyz". It is a longish article but well worth the time if someone is considering buyint/trading the ETFs.

http://seekingalpha.com/article/149209-are-gld-and-slv-legitimate-investment-vehicles

Isn't it obvious yet to all that the pm ETFs are not gold or silver? Why don't they just start casino betting on the price of gold and silver and be done with it!