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Sam Maher
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Gold Price Cuts Post-UK Election Loss, ETF Investors Sell, Nasdaq Down 2 Weeks Running - Bullion Vault -

"the SPDR Gold Trust (NYSEArca:GLD) – saw its sharpest liquidation since March in the week-ending Thursday, with shareholders cutting the fund's size by 13.3 tonnes from a 6-month high above 866 tonnes."

I always see you list this data but I don't know how much I'd trust it. 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 2505 days ago

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Beginning of the headline :GOLD PRICE losses of 1.1% for the week were trimmed in London trade Friday, with the metal rallying $3 from 3-week lows at $1252 per ounce as industrial and energy commodities also bounced. World stock markets rallied, but London's FTSE100 held on course for a 1.0% weekly loss. Ahead of the New York open, the tech-heavy Nasdaq index was also set for back-to-back weekly losses – only its second s... Read More

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