Stock-picker.
An interesting alternative for gold & silver bullions to avoid the currency trap are CGL & SVR.UN.
They are relatively unknown and small Claymore ETF traded in Toronto.
2 major +:
- They are in Cdn$ hedged to the US
- there is no premium which a big deal for all the other Canadian funds
- Allocated bullions are stored in Toronto and regularly audited by 3rd party
http://claymoreinvestments.ca/en/commodities/