Watch out T_Clark. You just made a negative criticism of GLD ... now the shill iu3rdstring will be claiming that you're the topic starter and a bar dealer.
With AA beaten this far down, it wouldn't make much sense to not buy in here. The opportunity here to buy in is too great to pass up.
The yield from solar and wind per surface area is pathetic compared to other fuel sources.
Also note that during the period of Bob Pisani's visit, the tonnage as disclosed by GLD remained flat which further reduces the chance that any gold bars, especially the one demonstrated by Pisani, actually left the warehouse.
Hear, hear. I also think they are doing a fine job. Just treat the bashers like the background noise they are.
Seems like a non-issue to me. The inefficiency comes from the limitations of current technology, limited resources available for projects, and an undeveloped infrastructure. They're making progress to improve these areas but it will take time. In the meanwhile, this inefficient operation continues.
If you really think we're beating a dead horse then ignore and move on. Quite frankly, I don't think I am so I intent to continue. Sorry but I don't follow State Street and have no knowledge of how their other funds are structured, audited and regulated. GLD on the other hand, I have done plenty of research on. There are quite a few red flags here.
"No SEC or FINRA investigations into GLD or other ETFs." It wouldn't be the first time SEC or FINRA was slow to pick up on or miss fraud entirely.
You can whine all you want shill but it is certainly not going to discourage me from posting about GLD's bullion loaning. I hope everyone else continues to scrutinize this sketchy fund. Also, seeing how you so desperately and continuously reply, you must see the information in this thread as a threat to GLD. All the more reason to keep at it.
Big deal, I misread one of the many garbage statements spewing out of your big mouth. Point is, it would not require their cooperation. The GLD management only needs enough gold to cover one of their redemption.
iu3rdstring: "So most equity ETF lend their underlying fund holdings to short sellers. The upside is probably 5 to 10 bps, maybe less. This is not fraud, and counter parties have to deliver if units are redeemed. This is not fraud. It has gone on forever, and I'm sure they are careful about counter parties. It is disclosed in prospectus. If GLD lends bullion, it would not surprise me. It should also be disclosed in prospectus."
Alright there you clueless nut.
Playing dumb again? Paulson himself is not an authorized party but he can get in contact with them to take delivery. And yes, lending here exposes to investors to counterparty risks especially when they refuse to admit it. For the rest of the senseless junk coming from you
"Stock lending is way more lucrative than gold lending. Unlike gold bars, stocks don't have serial numbers. Unlike gold bars, stocks don't have serial numbers." The lack of serials doesn't make loaning stocks more profitable. You are becoming more and more senseless. Are you losing it?
"Google any major company there's a lawsuit or enforcement dispute." And yet here you are repeatedly claiming they wouldn't jeopardize their business with fraud when they already have in the past.
Well said. Though as much as I dislike any political nonsense, this political bit is actually relevant to oil prices and XOM.
Reposting more debunked garbage? I'll go ahead of pick out the answers already discussed:
Billionaires can take delivery to get around any fraud therefore it is a moot argument. Also an interesting bit on Paulson and his well known investment in Sino-Forest "Paulson said the firm "conducted extensive due diligence" and basically that their access to information is the same as the general public, and they relied on information published by auditors (including Ernst and Young) and underwriters, which had said the company's financials were accurate."
Underwritten: "Judging by your comments, it seems you don't fully understand what bullion loaning means. Let's say for arguments sake that GLD claims to own the 550 tons of gold. Now at any point in time, how much of that 550 tons is lucratively loaned out? The bullion loaned out exposes investors to significant counter party risks and technically means GLD doesn't own them at that point in time which gives justification to claims that GLD doesn't own all the gold it claims to own.
The Pisani segment with the missing gold bar proves GLD is in the business of lucrative bullion loaning. Ironically, this segment was produced with the intention of proving the existence of GLD's gold. It was made by the managing organizations of GLD. CNBC would have never gotten permission to enter the vaults if it wasn't. From the sound of it, it seems like you haven't seen this segment at all. I'd imagine most diligent investors would at least check it out since it is only a few minutes long."
As for your "but oh, ETFs are their biggest and most profitable business!!! there is no way there would be fraud!!!" Note that State Street has already put their entire business at risk before by ripping off numerous funds and investors. Search up State Street fraud.
"If they take a bar out of list to loan, they have to add another to balance the books."
Look at this shill pretending the GLD fund is doing everything by the books yet you yourself admitted that the GLD management is not even sure of where their bars are at the end of the day.
"Do you realize non state street authorized parties create and retire units?"
I guess Goldnsilver88 was right about you. Not only are you a shill, you're a shill that never even bothered reading the GLD prospectus. How about reading the prospectus on authorized participants before you open your mouth on such a blatantly false claim?
No one is going to offer $100/share for a stock that is going nowhere fast. How can BBRY take back its market share from its dominant entrenched competitors like AAPL and GOOG? It can't. Anything BBRY can do, they can do better.
No shortage? Oil is a finite resource that is highly demanded worldwide. You surely can't deny this.
Now you're saying a bunch of contradictory BS. "Where their bars are on any given day isn't much of concern." versus "The fact that it IS THERE is of great concern." Now how can they be sure it is there if they don't know where their bars are on any given day????? The fact that the GLD managing organizations are not aware of where their gold is on any given day is a serious concern.