know that from October 2004 when the GLD Spot Gold ETF was launched
it then took 6.8 years for the gold price to have a blow off top 
Discussion
actually real goldbugs never bought ETF its a fraud some people realized late sold ETF turned into physical
Did the etf's ever fail to track?
Was there more to this story? Was gold dead in 03?
Asking in good faith. Idk and I find it interesting. But not enough to do my own research.