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"PM Fund Manager: The GLD Gold Vault is Being Drained"
Another 9 tonnes of gold was removed from the GLD trust yesterday. This takes the “reported” amount down to 751 tonnes.
The last time the reported amount of gold in the trust was at this level was November 18, 2008.
The price of gold was $738.
Submitted by PM Fund Manager Dave Kranzler, Investment Research Dynamics:
It’s a matter of “trust.” How much do you trust GLD’s vault custodian, HSBC? Has HSBC given us any reason to place trust in both its financial reporting and the way it operates? HSBC has been already been nailed for rigging LIBOR and the LBMA gold fix...
Individual share selling of “odd lots” of GLD – where and “odd lot” is defined at as anything less than the 100,000 shares required to redeem gold from the Trust – does not trigger the removal of gold from GLD. Poor investor sentiment does not trigger the removal. The only way gold is removed is if one of the Approved Participant bullion banks collects 100,000 share baskets and turns them in exchange for the delivery of gold bars. Once that gold is removed, it disappears..."
The full read is at http://www.silverdoctors.com/pm-fund-manager-the-gld-gold-vault-is-being-drained/
