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Sam Maher
Membre depuis octobre 2016
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Gold Bullion Hits 2-Month Low, Silver Below Pre-Brexit Price in Euros, Sterling But SLV ETF Solid - Bullion Vault -

"Giant exchange-traded fund the SPDR Gold Trust (NYSEArca:GLD) ended Monday needing less than 852 tonnes of bullion backing, with a small drop equal to 0.1% of the ETF's investor interest marking the first change in 8 trading days."

I keep seeing these numbers being thrown around here but I don't know how much I'd trust these numbers. 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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Début de l'article :GOLD BULLION set a new 2-month low against the US Dollar on Tuesday, falling to $1224 per ounce as European stock markets rose and bond yields ticked higher following the weekend's election of centrist ex-investment banker Emmanuel Macron as President of France. Silver fell harder, dropping to its lowest since the opening day of 2017 at $16.16 per ounce and dropping 13% from mid-April's 5-month high. ... Lire la suite

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