People who bought gold or silver through ETF's have purchased gold or silver as surely as those who buy physical coins. The ETF's are backed by gold and silver in the vaults. It is true that not many holders of coins are selling right now. By their nature, buyers of coins tend to be long term holders (or, as the anti-gold people would say, "horders"). Coin buyers will put their coins in a water proof container and bury it in the back yard, there for emergencies and economic catastrophe. They don't have their trigger fingers on the "sell" button. It is the ETF's that are being sold off heavily. ETF's attract more short term speculators. That pushed the price of gold up faster and further when it was going up, and now it's crashing the price of gold as all the short term holders head for the exits.
Want DP delivered to your inbox daily? Subscribe here: