PHGP - Gold up ETF down 8.5% on 6mths

[surfgatinho]

PHAU.ISE / PHGP / ETFS Metal Sec Ltd Physical Gold whatever it is called.

 

I bought back on 26/03/09 when I believe gold was under $900. Now gold is up over 10% this ETF is down 8%

 

I'm not one to squeal when I make a bad decision and lose money but I am perplexed how an ETF can be this out of kilter with the underlying commodity price

 

Here's the chart:

http://www.google.co.uk/finance?q=LON%3APHGP

[GTG]

PHAU.ISE / PHGP / ETFS Metal Sec Ltd Physical Gold whatever it is called.

 

I bought back on 26/03/09 when I believe gold was under $900. Now gold is up over 10% this ETF is down 8%

 

I'm not one to squeal when I make a bad decision and lose money but I am perplexed how an ETF can be this out of kilter with the underlying commodity price

 

Here's the chart:

http://www.google.co.uk/finance?q=LON%3APHGP

 

The pound has appreciated nearly 20% against the USD since March, check out gold in pounds here http://www.bullionvault.com/gold-price-chart.do use the drop down menu from the currency header.