I've have a sizable position in VGPMX and have been pretty happy with it. The fund does pretty sizeable distributions which has cap-gains/dividend implications at the end of the year. But management fees are pretty low.
But you know, this fund is closed to new investors. If you already have shares, you can buy more, but can't add this fund to your vanguard account unless you already have some shares.
Second, this is a precious metal and mining company fund, not a direct investment into metals themselves. So for example ,while gold is at an all time high, this fund was down yesterday because it invests in companies that mine gold and precious metals.
I owe vgpmx directly through vanguard. Provided you have assets above a certain amount, there is no account maintanence fees. Plus I just do a regular contribution twice a month direct from my paycheck into funds in vanguard. I'm pretty much buying every two weeks or so into a basket of 8 funds.
Don't own fxe merkx psafx. Though i think with ETF's you might consider using sharebuilder if you don't plan to do one big transaction.
