San Gold Corporation

I'm not sure I buy the arguement that ETFs hurt mining stocks. Quite simply, explorers and near-producers are higher beta - and beta has been pummeled given the macro environment. ABX is doing fine - and in my opinion, its because it is a stable, going concern cash cow with a LOW beta.

If anything bullion ETFs are negative for gold as they "print" shares beyond their gold holdings (GLD, SLV). That said, ETFS help gold companies get exposure as investors buy an index to reduce beta as the risk is spread around. Remember, when you buy and index ETF, the ETF buys the stock - or vise versa of course ;) Anyways, I haven't seen a good analysis of this that "follows the money" - so it's just speculation..my 2c.