Fractional banking at its worst, Ive said it all along but people just keep believing its all 100% backed GLD is about the same as well although a bit higher I think at the moment. Large amounts of gold are disappearing out of the COMEX and in particular JPM, SO Im guessing COMEX is only a couple of weeks away from halting delivery.
Derivatives and flakey accounting and deals is how the GFC happened and have they learnt?, oh yes they've learnt. Where was the epicentre of the GFC?