GLD and SLV are all derivative fraud waiting to crumble. Stay away. Plus they are classified as collectibles having to pay a 28% gain tax, higher than the capital gain tax. They are not backed by real physical metals and yet carry physical collectible tax, how screwy is that? You want to play gold fund try PHYS that is managed by more trustworthy people and pay ordinary capital gain tax.
GLD and SLV are managed by two of the biggest naked short sellers in the COMEX. When the global run on gold and silver kicks off, and it will in not too distant future, you bet these guys will pull the physicals from these ETFs to cover their ass in COMEX.