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Sam Maher
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Wholesale Gold Bars +4.6% in 2017, Repeat Last 3 Januarys Even as GLD Shrinks - Bullion Vault -

"the GLD shrank by 68 tonnes in December according to data compiled and released Tuesday by market-development organization the World Gold Council."

I always see Bullion Vault list this data but I've yet to see any substantial evidence backing this data up. How reliable are GLD's holding reports? GLD does not give retail investors the right to redeem for any of its mystery physical gold holdings. This fact alone ensures the GLD shares to be nothing more than paper at the end of the day. GLD also has a glaring audit loophole in their prospectus that states they have no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this backdoor to the fund. Some other red flags I've stumbled upon, verified and welcome everyone else to verify for themselves:

"Did anyone try calling the GLD hotline at 866▪320▪4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I asked about how much of the gold was insured, the representative proceeded to act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors."

"I remember there was a highly publicized visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities."

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Beginning of the headline :GOLD BARS traded in the professional wholesale bullion market touched new 5-week highs as London opened for business Tuesday morning, reaching $1187 per ounce as world stock markets slipped again. Gaining as the US Dollar also rose, gold bullion bars reached 7-week highs at £978 versus the British Pound, which fell hard as fresh concerns over the UK Government's Brexit negotiations engulfed the opposition Labour Party. ... Read More

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