Tim Iacono

The Gold 'Bubble' that Goes On and On

The animated graphic can be found here:

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When the SA editors picked this up, they just captured one of the four rotating images.

Where Does the Gold ETF Get Its Gold?

According to the bar list on the GLD website, 99.8 percent of the 36 million ounces is held in allocated bar form.

Where Does the Gold ETF Get Its Gold?

A simple search on the internet reveals that Natalie Dempster is a widely quoted spokeswoman for the World Gold Council.

Where Does the Gold ETF Get Its Gold?

There's a good description of "unallocated" and "allocated" accounts at the GLD FAQ:

www.spdrgoldshares.com.../

You should probably read it as I don't think you understand the difference.


On Mar 27 05:35 AM Philman wrote:

> If the folks at GLD say that they are transferring gold from unallocated
> accounts to the allocated account of the ETF, they ARE ADMITTING
> TO FRAUD!
>
> Kitco, for example, runs an unallocated gold sales scheme, and uses
> the ostensible HSBC warehouses to store the alleged unallocated gold.
> It sells shares in what is, apparently, another Ponzi scheme (according
> to the results of your phone call) to innocent investors who believe
> they are investing in gold bars which, although not assigned specifically
> to them, at least exist. When, however, HSBC transfers the gold
> from Kitco's unallocated account into the ETF, it and Kitco (if the
> latter is aware of the transfer) defraud the investors in the unallocated
> accounts, and, potentially, to the investors in GLD.
>
> A bankruptcy judge would certainly order a return of this gold to
> the Kitco account for the benefit of creditors, if Kitco went bankrupt,
> and could impose a constructive trust upon it, requiring a return
> of the fraudulent transfer, in the event an investor sued Kitco or
> HSBC or both.
>
> In short, if the information that Tim Iaconno is reporting is correct,
> then the Kitco gold "pool" as well as the HSBC stored GLD ETF are
> both Ponzi schemes in which one investor is being paid off by using
> the investment in gold that belongs to other investors now or in
> the future. This should be immediately reported to state prosecutors
> in both New York and Canada, so further investigation can be pursued,
> and the culprits who are behind the scheme are brought to justice.

Gold ETF Reaches New Inventory High

Before the fund was launched in 2004, there were compalints that the prospectus was too loose on accounting for the trust's gold. This is just one more instance of never knowing for sure how much gold is really there, GLD's 800 tonnes paling in comparison to the amount of central bank gold that also might not be there.

All That Gold Is Really In the Gold ETF, Right?

www.spdrgoldshares.com.../

Gold ETF Adds 36.5 Tonnes to Inventory On Rise in Demand

aknahow - Please provide a reference for your assertion

Gold as an Investment? Think Again

Dividends are included in the DJIA.
Go back ten more years and all of a sudden gold is a great investment. I didn't bother reading the rest.

Metals Market Mania

No. The editors at Seeking Alpha routinely change the headline as it originally appears at my blog. This is one of the relatively few occasions where they really didn't get it right. The original title was, "Some strange numbers in the metals market".