There is something almost sensuous about holding a bar of gold that you just don't get close to when you buy a gold ETF. You no longer even get a certificate to clutch in your little hand and how much physical gold actually backs your investment? Most gold ETFs entitle you to the movement in price of the metal, but not physical delivery. In normal market conditions - if there is such a state I have forgotten what it feels like - this doesn't much matter. Storing and insuring gold is a right pain and having someone else to do it for you, silently in the background, is well worth the basis points an ETF manager will charge you.

David Fuller's view Those gold ATMs will prove popular, provided they are competitive in that the premium over bullion's spot price is small.