Why bother with GLD when GDX is outperforming GLD over the last year. I would rather own the producers than the metal itself. Many of the miners are going to be out of their hedging strategies in the next few months and then look out! If Gold continues on it's tear, then the miners are going to be able to leverage their reserves into stock outperformance vs. the GLD.
Be cautious with GDX. All ETFs are subject to fraud.
Also, 20% of GDX are miners with hedges, esp. ABX and AU. The hedges could bury ABX before it has a chance to terminate them all, ABX itself admits it will take up to one year to end its hedges, it could be too late!
Buy gold miners directly, all majors without hedges and all juniors with min 30% institutional holdings.