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Sam Maher
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Gold Prices Steady After Worst 1-Week Drop Since 2014, China's Yuan Cut to 6-Year Low - Bullion Vault -

"The world's largest gold-backed ETF, the SPDR Gold Trust (NYSEArca:GLD), rose 1.2% to 958.90 tonnes last Friday."

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 2930 days ago

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Beginning of the headline :GOLD PRICES rose against all major currencies on Monday morning before easing back in London, rallying from a 4-month Dollar low as the US currency slipped but the Chinese Yuan – now part of the International Monetary Fund's SDR basket – fell hard on China's return from the Golden Week holidays, writes Steffen Grosshauser at BullionVault. The Yuan was fixed by Beijing's central bank at its lowest level versus the Dollar ... Read More

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