So - what kind of gold ETF could there be that isn't a logistical problem, require expensive storage, and handling by third parties, and would give a small gold producer a financial advantage over an investment company in creating it.

This ETF might go like this. . . .

1) The paper work is subbed out

2) The shares are backed by ore that is graded and weighed, and piled high in the yard

3) The cost of milling and minting the ore is placed in an escrow account for the shareholders.

4. THe mill is insured and a copy of the paid policy held in escrow, also

5) The shares are redeemable in the lower grade ingots that come directly from the mill.

I don't see gangs of banditos rolling into the yard with front end loaders and 100 ton trucks. This should solve the storage problem, and be a cost advantage over a stored bullion ETF.

Revised summary for Sans: Low cost producer, low debt, good reserves, great reserve expansion possibilities, soon to be cash flow positive, has room in their yard to store ore to back their new ETF shares, and has a focused management that, wisely, ignores this forum.

Mosey