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You’ll remember that amazing video interview with Bob Pisani that CNBC ran where they went into GLD’s vaults in London- I’m sure you saw that Doc. You know they took his mobile off him and he ended up in the vaults and he held up this bar and he said ‘this is the kind of thing that GLD holds custody for you!’ And then immediately everyone jumped all over it and said ‘wait a minute, that bar isn’t on the bar list!’
Now I don’t know if you know this, but they never said anything about that- they basically went all quiet on that issue.
About three weeks after it happened, I happened to have ETFS (EFT Securities), which is another ETF product company come into see me at Cheviot. Quite why they wanted to pitch a gold ETF to me is anyone’s guess because they should have known that it wasn’t exactly going to be a success, but we had an interesting chat, and I brought up some problems with ETF’s, and I mentioned this video to them and I asked them whether they’d seen it. They said no, they hadn’t, but that sounded quite interesting, could I forward it on?
So I forwarded that to them and said ‘I’m very interested to have comment from you on what you think about this’.
I got an email back which stated ‘That was interesting, and what’s even more interesting is IT’S OUR BAR!’
So let’s clarify. He (Bob Pisani) was actually holding up a bar belonging to a separate ETF, WITH NO PERMISSION FROM THEM!! To me, that tells you everything you need to know!
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