What Bob Pisani forgot to tell you about GLD

[Glass]

So a little while ago Bob Pisani of CNBC went to London a tour of the SPDR Gold Trust Vault in London. This is the story where he gets into a blacked out car becuase he can't be allowed to know where the vault is. Then when he gets to this vault he is displaying a gold bar to demonstrate that the gold is there. It turns out that the gold bar he shows has a number on it and that number cannot be found in the GLD gold bar registry.

That raises the question about whether there is any gold in the GLD fund which was the whole point of the exercise in the first place.

I can't find any mention of it here so I am not sure if it was discussed at the time.

Here is a 7.26 video from TheWeeklyTelegram. He is taking apart the GLD prospectus.


http://www.youtube.com/watch?v=k08BXBGrCtk&feature=player_embedded

http://www.youtube.com/watch?v=k08BXBGrCtk

I've seen this guy once before, he talks blunt but I guess they do that in the big smoke.

Sourced from maxkeiser.com (http://maxkeiser.com/2011/09/05/really-good-chris-of-theweeklytelegram-breaks-down-gld/)

[Glass]

Here is some more background


Some Observations On Bob Pisani's Visit To GLD's Vault
Earlier today, we were delighted to see that after years of ridicule and provocations, the SPDR GLD ETF finally cracked and decided to do a wholesale PR campaign to comfort the investing public it actually does own its gold, by inviting none other than Bob Pisani in its secret warehouse which allegedly contains 40 million ounces of gold, of which HSBC is custodian and the Bank of England (the same Bank of England which will soon be about 99 tons lighter in gold content once it satisfies Hugo Chavez' physical delivery request) and London Bullion Market Association (“LBMA”) are subcustodians. While the 4 minute PR campaign is enjoyable and we invite readers to watch it, what is amusing is that it is sure to set off another set of conspiracy theories. Here's the reason: amusingly the very gold bar that Pisani demonstrates so eagerly for the camera, Rand Refineries ZJ6752, is somehow, at last check, missing from the full barlist as posted daily by the GLD.Whose is it? Where did it go? When was this clip shot? Inquiring minds want to know...

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/ZJ6752.jpg
As the table below shows, the full list of ZJ serial numbers goes from 6700 to 6734 (go ahead, do your own search - link here).


Full Story @ Zerohedge (http://www.zerohedge.com/news/some-observations-bob-pisanis-visit-glds-vault)

[mamboni]

The legitimate gold ETF alternatives to GLD are CEF, PHYS and GTU. But at the end of the day paper is just paper. Physical gold in your possession is the only sure way to hold gold. Every other way is ultimately to some degree speculative and risky.