GLD Director Holds ‘Physical’ Bullion – Not GLD

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GLD Director Holds ‘Physical’ Bullion – Not GLD

GLD Director Holds ‘Physical’ Bullion – Not GLD

By Jeff Neilson


Regular readers know that I have a strong appetite for famous clichés, and other time-tested “pearls of wisdom”. Among such timeless pieces of wisdom is the old adage that “actions speak louder than words”. It is in that light that I listened with great interest to a BNN interview with Jason Toussaint.

He is the “Managing Director” of World Gold Trust Services. This subsidiary of the World Gold Council is the operator of the massive, “bullion-ETF”, the SPDR Gold Trust – more commonly known by its NYSE symbol: “GLD”. We would naturally expect this GLD executive to be an investor in the gold market, himself. Thus, he was asked at the end of his interview to disclose his own precious metals holdings.

After just a momentary hesitation, Toussaint replied that he held “physical bullion” and the equities of precious metals mining companies. Did anyone notice anything missing from his holdings? Perhaps the believers in GLD would have hoped/expected that the WGC executive directly in charge of GLD might actually hold some of the $50 billion in GLD units?

While I have provided readers with numerous reasons to shun these banker-shams (most recently in “The Seven Sins of GLD”), obviously none of these individual reasons could be as damning as the admission by the “Director” of this fund that (as a gold investor) he doesn’t hold his own market product.

For those readers who are used to much longer commentaries, my apologies for cutting this one short, but as I said in the beginning, “actions speak louder than words…”

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