Look at the huge difference in performance today.  GG, Goldcorp, is up 3.68% and a gold ETF, IAU, which reflects gold bullion, is up .13%.  Why the difference?

My guess, hedge funds need cash to pay-off redemptions, people pulling-out of the Hedge Fund.  They have profits in the ETF and easy liquidation.  Look into it.  See what you think.

But remember, there is a lot more risk with a mining company which should create a bigger upside (although often lagging the futures market of gold) and when the company has issues, a downside, that is not necessarily reflected in the price of the metal in the futures market or in the ETF.  Why own both?

Gold bulliion ETF reflects price of gold.  Gold company reflects profits, price to produce/mine the metal and the price they receive when metal is sold on the market(usually this is a lot more).   Companies have floods, acidents, can be managed poorly, mine can be in a war zone etc  Pros and cons for each.