Gold Funds: The People's Gold Standard?

I'm really excited about the concept behind gold funds, of which there are now five. I can't say I know them well, nor do I own any ETF (exchange traded funds) shares; but the idea sounds just fantastic. It has that emotional appeal of a people's revolt against the fiat currency (unstandardized money) that the central planners have imposed upon us since the 1970s, if not earlier.


[Thanks to bizarrefun.com for the image.]

If I understand correctly, gold funds are simply vaults that store bullion in exactly the quantity people have bought, and the funds' managers pay themselves with a small annual storage fee. No mess, no bother, no "investment advice," except of course the funds must guarantee the safety of their reserves. I'd love to visit them all and see their facilities, see who these people are. I think they've got guts.

Read more about these funds here.