CNBC is careful to admit that owning GLD is not owning gold

CNBC is careful to admit that owning GLD is not owning gold

 



Chris Powell of GATA writes today about how he finds it interesting that CNBC are careful to admit that owning the GLD ETF is not the same thing as owning physical gold, a theme that has run strongly throughout our market commentaries for many years.

He writes...

Two cheers for today's CNBC report celebrating the 15th anniversary of the gold exchange-traded fund GLD, since the report does not pretend that owning GLD is the same as owning the monetary metal itself.

Instead, the report says, GLD "tracks one of the world's most popular commodities," provides "an easy and particularly cost-effective way to get indirect exposure to gold," and is a device for "having exposure to movements in the gold price."

Of course it would have been nice for CNBC to note that the custodian of the vault holding GLD's gold is the investment bank HSBC, perhaps the biggest short in the gold market; that the bank is the beneficiary of a new New York Commodities Exchange rule apparently allowing the bank to inject more "paper gold" into the futures market, that GLD itself facilitates the shorting of real metal through the borrowing and conversion to metal of its shares and the sale or lease of that metal by enormously well-funded brokers executing central bank market-rigging policy; and that anyone buying "paper gold" might as well flush his money down the toilet.

You can read the full article by clicking here...

 

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