Don't know for sure about the big ETF's, but Perth Mint will give you 1/100 oz physical for every PMGOLD ETF security you hold.
"Each PMG entitles you to physically acquire one hundredth of a troy ounce of fine gold and may be exercised by you at any time. "
There are some costs associated with conversion which reduce per oz the more you convert, but it works out to about a 4-5% premium on spot.
PMGOLD claims to be fully backed in physical gold, and further backed by the WA Govt.
Their online price for 1oz cast gold bar seems to be only 2.5% premium to spot.
And the 50oz cast bar is less than 0.4% premium to spot.
Check out the website - http://www.perthmint.com.au/metalprices.aspx
IMO anyone that claims the physical market has become detached from the spot/paper market is off in lala land. Perhaps someone can tell me where I can sell cast bars for a 10% premium, and I'll go to Perth and pick some up.
