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<p>[QUOTE=&quot;Cloudsweeper99, post: 911373, member: 3011&quot;]I can&#039;t really give you a blanket answer because each ETF is a bit different in procedure and I haven&#039;t owned or performed due diligence on all of them.&nbsp; Most of them are grantor trusts for tax purposes that flow through income and expenses with various custodial arrangements for the physical metal.&nbsp; Most publish a bar list.&nbsp; You should carefully read the prospectus for the fund you are interested in owning.&nbsp; That said, the funds hold a substantial amount of institutional money and are offered by institutions with senior managment that has no interest in going to prison.&nbsp; It&#039;s an entirely different situation from, say, Bernie Maddoff where you basically had a lone crook stealing from gullible individuals.&nbsp; I think it is the responsibility of those who claim the metal isn&#039;t there to provide at least a tiny bit of evidence to support their claim, but to date none have done so.[/QUOTE]</p><p><br /></p>

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