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Gold continues to slide, hitting 17-month lows

Published 08/13/2018, 08:21 AM
Updated 08/13/2018, 08:21 AM
© Reuters.  Gold continues to slide, hitting 17-month lows

© Reuters. Gold continues to slide, hitting 17-month lows



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"Holdings of the SPDR Gold Trust". . I've always found GLD's holdings to be questionable at best. 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.. . CNBC's Bob Pisani also made a highly publicized visit to GLD's gold vault in a segment called Gold Rush: The Mother Lode. GLD's administration organized this visit to show that GLD's gold actually exists. However, the gold bar held up by Mr. Pisani showed a serial number of ZJ6752 which did not show up on the latest bar list during that time. It was later found that this "GLD" bar actually belonged to ETF Securities.
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