RE: Is this the first shoe to drop? MrC, thanks for sharing this with us. I wonder what will happen to the Gold ETFs when their investors come to look for the gold. I'm just wondering if they will get to see the real gold or if they will have to accept paper too. The German Bank officials, who came to take a look at their gold, which is reportedly held in New York City Vaults for safe-keeping, couldn't see their gold either when they wanted to look at it. I just hope for the sake of ETF investors that ounces in the vault are as safe as ounces in the ground.