The first half of 2010 has been anything but dull for exchange-traded fund investors. ETF assets in the U.S. decreased 0.4% to $772 billion as of June 30, but that actually indicates a serious inflow of cash: Equity markets, as measured by the S&P 500, fell 8.9% during the period.
Gold's short-term upside depends more on fear than fundamentals. The other side of that trade is a bet on global growth. And based on the performance of the economically more useful metals, such as copper and silver, the bulls are winning.