Articles NewsFlow Gold & Silver Prices Market Briefing

Recevez notre Marketbriefing

In the same category

Sam Maher
Member since October 2016
15 commentaries -

0 followers

has posted a comment on the article :

Gold Bullion +2% for Week vs Falling Dollar as Trump's Troubles Spread to Turkey - Bullion Vault -

"Giant gold-backed ETF the SPDR Gold Trust (NYSEArca:GLD) in fact shrank Thursday as stockholders liquidated shares, reducing the amount of bullion need to match its value by 1 tonne to one-month low at 850 tonnes."

Once again, I see these claims being made here but I still have yet to see any verifiable evidence to support any of these claims. 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."

Commented 2526 days ago

Send

Beginning of the headline :GOLD BULLION recovered $5 per ounce from a dip below $1250 on Friday, heading for a 2.1% weekly gain as world stock markets cut their mid-week losses despite fresh pressure on US President Donald Trump over his team's foreign connections and Middle East policies. Government bond yields ticked higher again, and the Dollar fell to new post-Trump election lows versus the single Euro currency. That ... Read More

Reply to this comment

You must be logged in to comment an article

8000 characters max.

	RSS feed		24hGold Mobile
	Gold Data Center		Gold & Silver Converter
	Gold coins on eBay		Silver coins on eBay
	Technical Analysis		Fundamental Analysis