The article examines how Exchange-Traded Funds (ETFs) affect commodity markets. A model is used to study how ETFs impact commodity prices in different market conditions. The study analyzed 130 precious metal ETFs from 2004 to 2019 and found that ETFs play a significant role in price discovery, with ETF markets often leading in information flow. The research also shows that when ETFs are active, commodity price volatility tends to increase, except for platinum. These findings have important implications for decision-making in commodity production, storage, and market regulation.