"If a nation breaks into Exxon-Mobil (XOM) or BP (BP) and figures out where they've discovered vast oil or natural gas reserves, it could beat them to the punch and start drilling first." This is not true and will depend heavily on who owns the oil fields.
The rally was unsustainable according to sentiment. The geopolitical factors pushing up gold is weakening in addition to a rising economy.
Insurance is just one of its weaknesses. I doubt that there is insurance on the gold stash for it would open a can of worms that State Street would want to avoid. The insurer, of course, would want to know about safety, access, audits, claims on it, etc to even come up with a premium for the insurance. Now, State Street would never accept such intrusion, in part because the gold stash is probably used for all kinds of shady purposes, including backing shorts.
Just read the part in GLD's prospectus where the custodian subcontracts to subcustodians but has no right to audit or visit the subcustodians' vaults. It then requires third-party audits. So we can have the custodian own or pay off the third-party auditor to give a clean audit, while knowing that the subcustodian leases out the gold into the market.
If GLD shareholders suspect so and ask custodian to prove otherwise, custodian can simply say "we have no right to check the subcustodians, see the prospectus, but here is a clean audit result" however laughably compromised. If GLD or State Street goes bust, no holder of GLD has any claim to any gold. GLD holders simply become unsecured creditors along with all other creditors, with no precedence in bankruptcy court.
Which means you have to get in contact with any one of the authorized participants to redeem shares. It seems you're the only one around here that never called up 866-320-4053 asking about the redemption process. They have repeatedly said it is possible if you own 100,000 shares.
Goldman says a lot of things contrary to what they are actually doing. It is true in this case as they have been buying up gold.
Haven't been having these problems myself. The spam filters is usually one of the more reliable functions of the mail.
So now I'm a bar coin dealer because I found the prospectus to be full of holes? In fact, I'd imagine anyone with a 6th grade education can see how shady the GLD prospectus is. Does this make you uncomfortable? Maybe I should start reposting all of the issues I have with the GLD prospectus just as you keep reposting your junk.
To be honest, Randgold hasn't performed nearly as well as the other miners. Even when other miners are making substantial gains, Randgold is just barely holding onto its price.
With both copper and gold going up, FCX couldn't be a bigger winner here. I'd even say FCX is a step above all other miners right now.
Doesn't look that way but miners are still trending up. I'd imagine we'll be seeing more green days than red this week.
"If the bar were loaned, it would still be in their inventory " Not necessarily. Because they are bullion loaning while publicly denying the activity, it wouldn't be in their best interest to list it. It would be easily detectable if they listed the loaned bars and that bar happened to show up somewhere else (like on a bar list from a different fund). Keep in mind that this CNBC visit was only one of the few ways that could have revealed their loaning activities and was well within their control. This visit would have served its original purpose of proving the existence of GLD's gold had they not botched it up.
GG destroyed? What are you looking at? According to the chart, GG is holding steady.
Copper with its many utilities will recover for sure. For once, I agree with what these analysts say.
Note that he might just be playing dumb about the prospectus. The GLD prospectus is so sketchy that it is indefensible. Two things are certain though:
1. He is a shill (as you said) judging by his contradictory statements.
2. He views the presented information in OP's post as a threat to GLD. This explains why he responds so franticly here. Ultimately though, he is powerless to stop the free flow of information. People will hear about the ZJ6752 bar and/or insurance and decide for themselves on the legitimacy of GLD.