After giving a link to GLD I wished I had not. If anyone is interested in owning paper gold (and I am not recommending gold, just that if you are) go with CEF . At least Central Fund of Canada has the physical gold and silver (about half and half) in inventory and audited. You pay a premium to buy in as it is a closed end fund but at least you have claim to actual physical metal in the fund, not promise to metal. Read about GLD here . It is only a promise to someone else gold that has pledged it to the fund and may or may not be in their posession and may or may not already be encumbered. Counter party risk in the event the gold market comes unglued might get ugly.

One other advantage to CEF is it is eligible to be considered capital gains if held for a year. GLD and SLV are not considered investments but collectibles so are subject regular gains taxation. To be forewarned is to be forearmed. 

John