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John Embry: Gold and Silver Are the Ultimate Insurance Policy

I have also wondered where GLD's new gold purchases came from.
If it isn't COMEX contracts, then it could be the shadowy "gold certificates" (giving access, in large part to the Yamashita gold) of which there are an unknown quantity around.
Shadowy, because they are genuine documents that are made to look like forgeries.

So far, due to the extremely complex verification procedures these certificates have been extremely illiquid.If a major ETF has gotten hold of a significant chunk of them, it could change the entire picture of the supply side.

I wonder how much GLD would have to disclose in their SEC filings.

PS. John Embry should stick to his PM's or else read up about sunspot activity.