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Sam Maher
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Trump 'Witchhunt' Sees Gold Price Pop $30 Below 'Game Changing Level' - Bullion Vault -

"giant gold-backed ETF fund the SPDR Gold Trust (NYSEArca:GLD)"

This is questionable at best. Paper gold GLD claims to be fully backed by physical gold bullion but yet it refuses to give retail investors the right to redeem for any of these ‘claimed’ gold bullion. This fact alone would mean GLD shares are nothing more than paper at the end of the day. Furthermore, GLD’s prospectus is chalk full of weasel clauses and legal loopholes that allows the fund to get away without the full physical gold backing. One good example of this is the clause that states GLD has no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this audit loophole. I’ve also verified the following to be true and welcome everyone else to do so:

"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 well documented 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."

Commented 2534 days ago

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Beginning of the headline :GOLD PRICES touched 2-week highs against all major currencies bar the Japanese Yen on Thursday before easing back, extending 2017's year-to-date gains versus the weakening US Dollar to 9.3% as the scandal around Donald Trump's sacking of FBI director James Comey deepened again. Asian and then European stock markets fell hard for a second day after the US Department of Justice named former FBI chief Robert Mueller as 'special counsel' to investig... Read More

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