could be...
i think ETF's are really screwing up the market right now...funny thing is that i dont see where an ETF is a good way to play gold...the tax consequences are rediculous! you get taxed at the end of the year (wether you sell or not) and it's at 26% (collectibles rate)...thats nuts! if you want to buy physical gold (and hold) just place an add in the paper for "junk gold" or go to a local dealer and buy at 5 over spot....whats the big deal?
ETF's are still just paper in my book....might as well buy gold index funds or a small basket of gold majors...