The image I had sent that was copied directly from the TSX has been replaced somehow so I'll repost the old fashioned way through the photo section:

The gold price is black and the TSX global gold index is blue. I've read that the ETF's have drawn investment money away from the gold stocks but struggle with the reasons why. Gold companies have real assets and value while most gold ETF's(except for Sprotts) have significant gold paper or unallocated gold. If a physical shortage occurs you'll find out pretty quick if that ETF has the goods or not.