Book
3rd May 2010, 11:05 PM
PREFACE
This article was inspired by a conversation in January 2010 with fellow directors of the Gold Anti-Trust Action Committee: Chairman Bill Murphy, Secretary/Treasurer Chris Powell, and Directors Adrian Douglas and Ed Steer. In speaking about the growing role of the exchange traded funds in the precious metals market, it was clear that the disclosure that the precious metals ETFs described below were providing to investors was inadequate. However, was there a material omission under securities law? I found the issues complex. Understanding the commodities markets can seem daunting to someone like myself with a securities background. Meanwhile, the securities markets and related legal and regulatory issues can be unfamiliar to those with a background in commodities. I decided to ask my attorney to help me gather the relevant information into one document to make it easier for GATA supporters and other interested parties—whether from the commodities or securities markets—to examine these issues and to better understand and price these securities.
- Catherine Austin Fitts
Table of Contents
I. Introduction
II. Exchange Traded Funds
III. GLD and SLV
IV. ETF – Securities Law Regulation and Disclosure Obligations
V. Commodities and Commodities Futures Markets and Their Regulation
VI. Questions Regarding Risk Issues
VII. Summary
Linky (http://solari.com/archive/Precious_Metals_Puzzle_Palace/#I)
PDF version (http://solari.com/assets/docs/archive/Disclosure_in_the_Precious_Metals_Puzzle_Palace.pd f)
:)
This article was inspired by a conversation in January 2010 with fellow directors of the Gold Anti-Trust Action Committee: Chairman Bill Murphy, Secretary/Treasurer Chris Powell, and Directors Adrian Douglas and Ed Steer. In speaking about the growing role of the exchange traded funds in the precious metals market, it was clear that the disclosure that the precious metals ETFs described below were providing to investors was inadequate. However, was there a material omission under securities law? I found the issues complex. Understanding the commodities markets can seem daunting to someone like myself with a securities background. Meanwhile, the securities markets and related legal and regulatory issues can be unfamiliar to those with a background in commodities. I decided to ask my attorney to help me gather the relevant information into one document to make it easier for GATA supporters and other interested parties—whether from the commodities or securities markets—to examine these issues and to better understand and price these securities.
- Catherine Austin Fitts
Table of Contents
I. Introduction
II. Exchange Traded Funds
III. GLD and SLV
IV. ETF – Securities Law Regulation and Disclosure Obligations
V. Commodities and Commodities Futures Markets and Their Regulation
VI. Questions Regarding Risk Issues
VII. Summary
Linky (http://solari.com/archive/Precious_Metals_Puzzle_Palace/#I)
PDF version (http://solari.com/assets/docs/archive/Disclosure_in_the_Precious_Metals_Puzzle_Palace.pd f)
:)