As this is still a relevant GLD issue, I will repost this here:
Why is there a clause in the GLD prospectus that states GLD has no right to audit subcustodial gold holdings? Why would the organizations behind GLD forfeit this right and create this massive audit loophole? I haven't heard of a single good reason for the existence of this loophole so far. In addition to the audit loophole, GLD claims to be fully backed by physical gold bullion but yet it refuses to give retail investors the right to redeem for any of these ‘claimed’ gold bullion. I also welcome everyone to verify the following for yourselves as I have:
"I remember CNBC's Bob Pisani visiting GLD's vault in a well documented segment. GLD's administration arranged this visit to disprove everyone claiming that GLD's gold did not exist. However, Mr. Pisani held up a gold bar with the following serial number - ZJ6752. This serial number did not appear on the most recent bar list during that time period. Cheviot Asset Management’s Ned Naylor-Leyland later found out that this "GLD" bar actually belonged to ETF Securities."
"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 see the utility in Crypto Currencies, but don't see any utility in the Precious Metals. PMs cost $ to store and are difficult to use. Time to phase out the old "Store of Value" All countries should collectively sell all their gold to the bigger fool.
You fools. You shoulda bought BITCOIN.
JAMIE DIMON ON BITCOIN: "The currency isn't going to work," Dimon told the Delivering Alpha investor conference in New York. "You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart." << THE FED AND CENTRAL BANKS CREATE DOLLARS OUT OF THIN AIR...
"My daughter bought a bitcoin and it immediately went up, now she thinks she's a genius," Dimon said.
"It's just not a real thing," Dimon said. "Eventually, it will be 'the emperor has no clothes' WILL THE US DOLLAR BECOME an EMPEROR with no clothes as budget deficit passes 20 TRILLION and counting ? The ULTIMATE CURRENCY with NO COUNTER PARTY RISK = GOLD AND SILVER as it's VALUE IS CONTAINED WITHIN...
Who says GLD isn't poised for potentially massive upward movement? Not sure how awe*some*sto-cks finds all these incredible trade ideas but im happy.
Gold is a screaming BUY here. It will be unstopable
The most amazing thing is the iphone has consumed 20 tons of gold since 2007. That is 25 milligrams per phone at roughly a total of 700 million phones sold. What has the gold price done...fallen! Think about that for a moment gold bugs. As you can see, gold is only a commodity and not money. Buy Bitcoin.
I am so confused....
The US will try to drop Gold, now that the Gold Backed Yuan is gaining international acceptance as an emerging non-fiat based reserve currency. It will work in the short term, but the more the Yuan gains acceptance the dollar is doomed.
**special alert** Jamie diamond has just declared bitcoin is nothing but a fraud.i guess we will be getting some new gold recruits.
How are you long fools doing. You shoulda bought Bitcoin.
***US DEBT CLOCK a must see watch it exploding before your eyes ! ** Check out the DEBT CLOCK as it prepares to break through 20 trillion in debt One thing for sure when 20 trillion is reached a lot of articles and fanfare will be released and when that happens it is likely to provide yet another shot in the arm for gold do you disagree ? It contains a lot of interesting data all on one page but the best metric in the bottom right corner is the: DOLLAR to GOLD Denomination ratio It shows based on the amount of dollars that have been created that if Gold was still linked to the dollar it's value would be $6,454 dollars per oz....
Gold prices will accelerate higher into year-end. Portfolio managers can't get caught holding no gold after a 25-30% move this year. Demand will beget more demand and gold will finish the year around $1,500.
*SPECIAL ALERT TO PROTECT YOUR WEALTH** Beaten down Gold and Silver is the UNDISPUTED hedge and is hugely under priced vs the US stock market WHY ? -Because GOLD is the ONLY currency that has withstood the test of time and eventual extinction of all other currencies who gradually have lost value until they ceased to exist. -Because the central banks have and are creating trillions in paper out of thin air to prop the bubble markets -Because the US upon whose dollar gold is denominated is 20 trillion in debt. -Because Gold is the only currency or money with NO COUNTER PARTY RISK as it's value is contained within. -Because only 1% of the population has any outside of Jewelry -Because it is created in FINITE amounts by the sweat of men not out of thin air at the click of a mouse ! -Because what took 500 pieces of paper create out of thin air 20 years ago now takes 1320 pieces of paper to buy today and will take 2000 or more pieces of paper to buy in a few months or years What is so hard to understand about this ? Gold is the SENTINEL to protect Wealth in these times of central bank grand experiments to create unprecedented amounts of credit and debt that are destined to end in tears and disaster Finally if you are not fully convinced: In 1985 gold was 280 and the DOW was 1,276.94 GOLD is now up **4.65** times since then The DOW is up ***17.5*** times since then... (Not counting dividends) Which is overvalued ??
How is that Safe Haven working out for you fools?
Short bitcoin. Oh wait, you can't because it's an unregulated scam. Think of the billions that will be lost with people left holding a bunch of 1's and 0's. Sillier than tulips.