IMHO the ETF explosion has done more to harm the mutual fund industry than it has done so to PM equities. Bre X fallout, I am sure, is still felt by conservative investors that were led to the slaughter by their advisers. The wild west reputation of the VSE and its rebrandng to the TSX venture does not help. Yesterday I read an article about Sino Forest products which only adds to the credibility of the TSX. When gold goes ballistic all of these memories will be forgotten as the ignorant masses try to climb aboard.