See also Precious Metals ETF Alchemy
GLD ? the new CDO in disguise? http://www.hindecapital.com/docs/hil_reports/Hinde%20Capital%20-%20Precious%20Metals%20ETF%20Alchemy%20Aug%2012%202010.pdf which is good but he gets it wrong on leasing (see slide 18) and thus his "GLD has encumbered gold in it" point is not proven: http://goldchat.blogspot.com/2010/08/gld-leasing-and-encumbrances.html
