The GLD exchange traded fund is undergoing big changes, with sudden reduction in its gold inventory. Giant raids are being executed by the big US banks. They struggle mightily to meet demand and to prevent a price spike that would result from a default. The news story is simple, but the meaning is enormously significant. The story is perfect for distortion by the propaganda trumpets on the mainstream financial media, which have no motive to report correctly on the details. The Gold holdings in the SPDR Gold Trust, with trading symbol GLD, remain the biggest Exchange Traded Fund backed by bullion in the world. It is also the most corrupt, whose custodians designed it for easy gold bar inventory raids by the big US banks. The GLD gold bar inventory decreased 3.02 metric tons to 1323 tons as of February 14th, the lowest level since early October. The mainstream news story stops short of asking the natural follow-up question of where the physical gold bars went, where the delivery was directed, and who is the buyer might be. The simple fact is stark and ugly: no buyer is involved. It is a basic high volume raid. The big US banks short the GLD shares and arrive to pick up the three tons of physical gold bars in armored trucks. The dimwitted sheeple who invest in the GLD fund have their gold leased and borrowed like stock certificates right under their sleepy noses. Someday the ETFund will be drained dry of gold bars, its investors left dumbfounded. The GLD share price discount to the spot Gold price is the hint of abuse via rampant shorting. My hope is soon a GLD discount to spot Gold price becomes much bigger and is posted publicly, even debated. The big raid of gold bars, easily enabled, makes possible the defense of the Gold price. The massive rise in investment demand is met by massive raids of the corrupted GLD gold fund, in balance. In the process, the gold price looks tame, calm, and unaltered.
http://news.goldseek.com/GoldenJackass/1362603600.php
http://news.goldseek.com/GoldenJackass/1362603600.php