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SPDR Gold Shares Message Board

  • investment925 Jan 22, 2014 7:23 PM Flag

    GLD representatives feigning ignorance


    As I feel this is still an outstanding issue of GLD, I will repost this here. Feel free to verify this for yourselves:

    “Did anyone try calling the GLD hotline at 866-320-4053 and asking for any numerical details on GLD's insurance? I reached a State Street representative that told me to look at the prospectus but I am sure the prospectus doesn't give any numbers or percentages to how much of GLD's physical gold is insured. The prospectus only vaguely mentions HSBC holding some kind of insurance policy for GLD. This State Street representative proceeded to feign ignorance when informed of this and said they were just the "marketing agent" for GLD. What kind of marketing agent doesn't know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.

    There are not many ways for the average investor to verify GLD's physical assets since most retail investors won't even have the right to redeem their shares for physical bullions. The prospectus is full of legal writing protecting GLD organizations from any liabilities but not a single clause to protect investors from bullion lending. On top of everything, the GLD manager - State Street, has been shown to be less than trustworthy (Carina CDO, multiple instances of forex fraud). Where is the credibility in GLD?"

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