There are whisperings in the investment community that the market is manipulated. Almost all gold trading is ETFs, and their gold holdings are managed by a chain of custodians several layers deep, none of which conduct public audits. The terms of the ETFs make it clear that they are completely absolved from any risks and responsibility for the holdings. At the same time, the practice of leasing out the gold in the vaults is well documented, so it is impossible to know who (or how many) 'own' a given gold bar at any given time.

The industry could counter these misgivings, by making the holdings publicly auditable, but chooses not to.