There's only one ounce of physical for every 100 ounces of paper gold. I don't blame people for wanting to buy paper gold. But at the very least, these ETF's and the futures contracts should only create 1 oz. of paper gold when they acquire 1 oz. of physical gold. The problem is whenever they see the price of the underlying metal increase, they just issue new ETF's and write new contracts to lower the price. They just match the increase in demand with an increase in supply. But what people will realize one day is that 99% of the supply is non-existent.