L'ETF (GLD) serait pipeau? Bah oui...Ici on l'a dit d'emblée

Quand la presse, et même certains gold bugs, (parfois célèbres) nous vendaient ça comme une news bullish Gold, ici, on criait à la diversion Caballistique pour détourner les flux d'investissements du physical Gold.

Et bien il semblerait que la garantie de détention des actifs aurifères du fonds soient (au moins) sujets à caution.

Alors ok, c'est Turk qui le dit ( et il est un peu concurrent de l'ETF avec son Goldmoney, mais au moins lui, il lutte à nos cotés et à choisir j'ai bcp plus confiance en lui qu'en "helicopter Ben"...lisez ça, c'est vraiment tout frais pondu et ça montre bien la manoeuvre d'intox de l'ETF...

Je rappelle aux distraits que certains intérêts qui se prétendent proches de nous (mais qui ne le sont pas) veulent même faire un silver ETF...
on a vu que le Gold ETF avant précipité par une vente massive à un seuil critique des tonnes de Gold, ça nous a pris des mois pour rattraper le coup...

http://www.kitco.com/ind/Turk/nov222004.html


C'est bien un outil de diversion, non?

pour les amateurs de papier ... fut'il doré ... à méditer ..

source :www.lemetropolecafe.com

remarques fort interessantes de gata soldiers .. sur la relation : cours de l'or / cours de GLD / stocks or de GLD


Dave from Denver on GLD:
Okay. So I got a few answers that are acceptable regarding the price spread between GLD and spot gold. To be sure, GLD is structured such that the spread between the price of GLD and gold widens as gold moves higher. That's fine. But what about when I see gold up 10 bucks (yesterday) and GLD is DOWN 40 cents? Someone explain that. And someone please pretty please explain how the gold holdings in the GLD trust have remained unchanged for the last 13 days, with gold moving up price nearly $50. Statistically very improbable. The last time the holdings in GLD remained unchanged for a string of days like that was in Feb/early Mar '05, the fund was less than 5 months old, and gold moved down $7 from $433 to $426. The managers of GLD are asking me to believe that the money flowing in and out of GLD over the past 13 trading sessions, with high volatility and gold has essentially moved up $50 with fair amount of volatility? Something is very screwed up and either GLD is sitting on cash and not adding physical gold to help keep a lid on the price, or GLD is moving physical gold in and out of GLD to help in aid in the price suppression. Just for the record, one of the sub-custodians of the trust is the Bank of England and they are one of the designees to safekeep the bullion. Any more questions? Oh ya, one more point: anyone who owns GLD, why don't you call up HSBC, the trustee, and ask them if you can have your tax advisor go and inspect the actual physical holdings, with receipts. According to the legal documents of GLD, they can tell you to go pound sand. I see that the esteemed Dan Norcini agrees with my view:
Dear CIGAs,
Something smells mighty fishy to me about what is going on in this ETF of late. Some of us have long believed that the inherent flaw in this ETF is in its auditing process which is less than transparent. If the bad guys who comprise COT and are the price managers on behalf of the US monetary authorities needed another source of gold for the supply that they feed into the market to suppress the price, the ETF is a perfect vehicle for this. I find it a huge stretch of the imagination to see gold soaring into all time highs and the one major indicator of investment demand for that same metal sitting there unchanged when it comes to reported holdings for nearly two weeks! I just read this AM that platinum and palladium holdings in the London ETFs for those metals are soaring because of investment demand. Why then is the gold ETF not reporting a sharp increase in its holdings? To believe that nothing has changed in there is to believe that the sun rises in the West.
Click here for today’s Streettracks Gold ETF chart with commentary from Trader Dan Norcini
***

www.lemetropolecafe.com

la CFTC accorde des exemptions à GLD ( sur les provisions, sur les rapports de trading, et même sur les livraisons...bref GLD ne sera plus obligé de déclarer aucune des activités du gold physique fund qu'il prétend être )

Jim Willie is one smart cookie. One of his latest…(source "hat trick letter", note de marie )
? A bizarre but consistently corrupt directive has been proposed by the lapdog Commodity Futures Trading Commission (CFTC) regarding the StreetTracks Gold Trust, the ‘GLD’ Exchange Traded Fund. Managed by JPMorgan, the GLD fund is ripe with corruption, without any doubt in my mind. They use whatever gold bullion they possess to short gold for the cartel, thus neutralizing physical gold demand in brilliant fraudulent fashion. The CFTC has proposed the exemption of StreetTracks Gold from provisions of the Commodity Exchange Act in reporting their trading and clearing of options for its GLD shares. The CFTC has also proposed the exemption of StreetTracks Gold in reporting physically delivered gold futures contracts based on GLD shares. Options and delivery for GLD share activity are soon to go dark, no audit trail whatsoever. If they never purchase gold bullion as promised, as stipulated in their prospectus, no regulatory body can enforce it, let alone discover their failure to do so. This is the exact opposite of what a legitimate fund would do. The powers are slowing eliminating all rules for honest accounting. Within two or three years, confiscation of GLD gold bullion might be possible without any violations of law, and possibly without any recognition by its shareholders, maybe no announcements even. The GLD is a major fraud, just like the SLV silver ETFund run by Barclays of London.
Yet another Exchange Traded Fund has launched. The World Gold Council (WGC) and Dubai Multi Commodities Centre are launching their Dubai Gold Shares fund backed by gold bullion. This fund will be part of the Exchange Trade Gold family of products, sponsored by the World Gold Council. This shadowy group acts as a powerful marketing organization funded by the biggest of gold mining firms. Be suspicious of this ETFund out of Dubai. The gold cartel has extended its tentacles once more, this time to the Middle East. Gold held in WGC funds are listed in New York, London, Australia, and Johannesburg South Africa. Their holdings total 805 tonnes of gold bullion worth $23 billion, and represent 90% of all gold ETFunds. Be sure that almost none obeys proper accounting rules, and probably the great majority of this gold bullion is used to short the gold price. The net result is that all physical demand on these ETFunds has effectively neutralized the gold price effect, since investor demand is offset by shorts on futures contracts.
***

héhé les grands esprits se rencontrent
après les bidouilles des market makers sur etf silver, voir cette file , Adrian Douglas nous signale q'une pléthore d'options sont disponibles sur GLD !
pour un fond censé être basé sur du physique, c'est fort ... car ces options la, elles ne sont pas couvertes par du physique .. ça c'est certain ..

décidément ... c'est tjs les mêmes tricks ... à force de jouer avec le feu .. ça pourrait bien leur PT à la tronche

www.lemetropolecafe.com




Options on GLD
Bill,
It has come to my attention that there is now an OPTIONS chain on GLD!
http://finance.yahoo.com/q/op?s=GLD
Now how does that work with a share that is supposedly backed by gold!?? Whose gold are they putting at risk by offering these derivatives on investors supposed "safe haven" investment? What if gold went up $500 in a week and all the call options were exercised? Where does the gold come from? Where does the money come from to go and buy it on the open market at a price $500/oz higher than the price paid by the option holder? Ah! I know! They probably have the risk hedged with an over-the-counter derivative contract that has a counter-party who doesn’t have any gold either but will sell a derivative insurance contract!
Does anybody believe that GLD is what they say it is? If so call me, I have several bridges in Brooklyn for sale…oh! I also have some options to let you buy the bridge at today’s price some time later. I’ll even send you a picture of your bridge so you can be confident that your bridge exists!
Cheers
Adrian

les stock ne baissent pas pour GLD
http://themessthatgreenspanmade.blogspot.com/2008/08/gld-inventory-to-gold-price-ratio-at.html

merci à sdm 1978 pour le lien


interessant en effet, bien que je n'en tire pas les mêmes conclusions que l'auteur

il faut tout de même se remettre en mémoire le fonctionnement soit disant officiel de cet etf ..
si gld baisse ( et il le fait ) les gérants sont censés remettre, A CE MOMENT PRECIS, la contrevaleur en or sur le marché ... et inversement à l'achat ..
ce n'est pas vraiment ce qui se produit.... et de nbreuses infos en font état de façon réguliére .. ( voir les posts de cette file )

pour mémo et entre autres joyeusetés ...... le gold de cet etf est gardienné à londres ... ds les coffres de .... HSBC

HSBC qui est la 2eme banque ( après JPM ) en exposition gold dérivés ..

les stocks GLD atteignent de nouveaux plus hauts historiques et environ 44 T ont été ajoutées ce dernier mois... ce qui laisse pas mal d'observateurs perplexes sur la nature de cet or..
Sinclair, ne voit qu'une possibilité : cet or n'est bien sur pas physique, mais longues positions OTC...

ce qui est la pire formule que l'on puisse imaginer.. même pour l'or papier !

http://www.gata.org/node/7169

Where do the gold ETFs really get their bullion?


Submitted by cpowell on Fri, 2009-02-13 01:43. Section: Daily Dispatches
By Jim Sinclair
www.JSMineSet.com
Thursday, February 12, 2009
Don't you think it is about time GLD and the other popular international gold exchange-traded gold funds told their owners exactly what kind of gold they claim to own?
Can you imagine a situation where a person buys a gold ETF to own "non-gold" but finds out that he in reality owns OTC derivatives on gold? That would be an investment in the same type of financial instrument (not gold) that one owns gold bullion to protect oneself against.
The failure to unearth the Madoff scandal earlier becomes incredible when one understands that the returns from the market that were claimed on the size of the hedge fund were logically impossible.
The same reasoning screams bloody murder when applied to the many gold EFTs in terms of what it is they really own.
This raises a major question: From where did all the gold claimed to be owned by all the gold ETFs come from?
Where did funds such as GLD get their additional 45 tons in the last month?
We certainly can forget about that gold coming from the Comex. Twelve deliveries would stand out like a sore thumb.
Record keeping eliminates all exchanges around the globe as the source of bullion in any size to all the gold ETFs.
The physical market is so tight that coin minting has all but closed down compared to what it was one year ago. It is hard to accept that the gold EFTs can buy what the mints can't.
A read of the original EFT prospectus removes any thought that the gold is leased but leaves one to invite probability.
That probability is that the claimed gold can be only OTC derivative long positions. If that is so, then the financial reliability of the paper stands on the foundation of the balance sheet of the granting counterparty to the OTC derivative. This is true regardless of whether the counterparty is a mine or a naked speculator.
I think people own an ETF of derivatives, not of gold.
If I am correct then there is no clearinghouse guarantee for the OTC derivative to function.
Like so many other surprises of the last two years, the gold ETF shareholder may actually have no gold at all.
A perfect Ponzi scheme would allow you to surrender shares for bullion. You need only think about it.

Bill Murphy revient sur ce sujet .. GLD a ajouté 104 T en 4 séances !!
chiffre à mettre en relation avec le quota annuel de 500T Washington agreement soit 9.7 T par semaine...

ya vraiment un truc qui cloche... d'autant plus que les ventes WAG sont tres largement en dessous de ce quota depuis de TRES nombreux mois !!

www.lemetropolecafe.com


The big deal this week in gold was the incredible increase in GLD holdings. Supposedly 104 tonnes of gold has been accumulated in the past 4 days alone. Yesterday another 15 tonnes went in. Here are the numbers reflecting the massive increase in tonnage…
Monday - 881.87
Tuesday - 894.72
Wednesday - 935.09
Thursday - 970.57
Friday - 985.86
To put that in perspective a big deal has been made over the past decade over The Washington Agreement, which allows the European central banks to sell 500 tonnes of gold per year in aggregate, or around 9.7 tonnes per week. If they were to sell the maximum average per week, it would take 2 ½ months of selling just to make up for this staggering GLD demand in less than a ONE week period.
There are two key points to make here:
*For obvious reasons, demand for physical gold is growing by leaps and bounds in the US and in the West. As expected by our camp, gold and silver ownership is quickly becoming THE GO TO investment for 2009, with more and more of The Muppets and the rest of Planet Wall Street climbing onboard. If anything, this welcome trend is likely to continue for some time, putting EXTREME pressure on The Gold Cartel to come up with available central bank supply to meet this new demand.
Fortunately for the bums, the Indians, Arabs, and Asians have withdrawn from entering the gold buying scene, preferring not to chase the gold price. However, they won’t remain on the sidelines forever and are surely going to want back in. This means there is latent, powerful buying to surface in the months ahead, which will compound the new surge by Westerners. In turn, this will compound problems for The Gold Cartel and their price capping routine.
*How in the heck can all 40 tonnes of buying hit the market the past two days alone, and the price correct like it did back to $931, or $17, on Friday with outside markets not a factor? Was it blatant Gold Cartel selling to calm down gold fever, or is it possible that GLD actually didn’t buy that much gold? Jim Sinclair questions how they could buy that much gold in such a short period of time, querying where did they obtain the supply (see below)?
There are a number of us in the GATA camp who don’t trust GLD because of the people involved in promoting it. IF, they aren’t securing the gold they say they are, it could lead to incredible fireworks down the road should they be found out.

un graph tonnage GLD, comparé à l"évolution du spot .

remarquez notamment, comme il a continué à monter, meme lors de l' importante derniére correction du gold

remarquez aussi, comment cette augmentation colossale du tonnage, n'a eu qu'une influence minime sur le cours du spot



voir les derniers commentaires de J Turk dans son dernier topo

Citation:

When I look at the above chart, one key question arises immediately. How can a 150-tonne increase in demand for metal in recent weeks translate into such a relatively small increase in the price of gold? This disparity raises more questions as to whether the ETF really owns the metal supposed to be backing the shares it issues. I'm no fan of the precious metal ETFs, and haven't been since they were first launched. I've written extensively about the ETFs to record the risks as I see them. These writings can be found at the following links. http://www.financialsense.com/editorials/turk/2007/0305.html http://www.financialsense.com/editorials/rubino/2007/0410.html In short, the ETF is at best a trading vehicle, and not an alternative to owning physical gold. In this sense, the ETF is like a futures contract, which of course is not an alternative to owning physical gold either. With these trading vehicles you have exposure to movements in the price of gold, but they also come with counterparty risk, which should of course be avoided because of the ongoing economic and financial problems around the globe. The lessons in this regard were learned in September when Lehman collapsed and AIG was on the ropes, which caused numerous commodity ETFs in London to suspend trading. So if you want to trade the price of gold, trade futures or ETFs. But do not view futures or the ETFs as an alternative to owning physical gold and silver. If you are still not convinced, or even if you are, I recommend reading an article by Jim Sinclair which questions the integrity of GLD and the other gold ETFs. His February 12th report entitled "Where Do All The Gold ETFs Get Their Bullion From?" can be read at the following link: http://jsmineset.com/index.php/2009/02/12/where-do-all-the-gold-etfs-get-their-bullion-from/

http://goldmoney.com/en/commentary/2009-02-15.html

et pour terminer à ce sujet, ci dessous un graph de l'or "physique" accumulé ds toutes les instances connues ( Divers ETF, comex, tocom etc )
GLD ( en vert clair ) est de TRES loin, la plus grosse réserve


ps: graphes www.Sharelynx.com

_________________
Pépite Bull

une autre piste interessante, développée par Bix Weir...
l'or des etf existe bien ... mais il est compté plusieurs fois ( exactement comme l'or prété des BC, continue à figurer dans leurs réserves )

www.lemetroplecafe.com

Bix…
Hi Bill -
I see a lot of discussion on whether or not the gold and silver ETF's actually have the physical metal that they claim. Although Jim Sinclair says that he doubts it, from my analysis of GLD and SLV I believe that the gold and silver bars may actually be real and the serial numbers they quote might actually exist. Boy, wouldn't that be a shocker!

The fraud lies in the multiple ownership aspect of those bars and the physical location of the inventories. Fractional Reserve Metal Banking is alive and well in the ETF world! From my discussions with David Kass of the CFTC it is clear to me that there is a direct connection between COMEX warehouse inventories and the ETF inventories where both are being double counted without regard to sole rights of ownership.



Here's the way I see it:

1) There are multiple claims of ownership of the GLD and SLV physical inventories including ETF shareholders, sovereign nation reserves, working manufacturing/refining inventories, pooled accounts, metal certificates, swaps, leases, etc. Although much of it may be stored in the ETF sanctioned warehouses in London, it is also in various other places (Fort Knox for example!). It would not surprise me to find out that the "metal leverage" translates into 3 or more claims on each individual bar listed in the ETF inventories. Neither prospectus requires physical audits, sole ownership audits or any strict storage location requirements.

2) The supposed naked short positions in gold and silver on the COMEX have been justified to the CFTC by the banking cabal (mainly JP Morgan) by claiming that at any time they can back those positions with the physical gold and silver located (and identified by serial number) in the metal ETF's. As the COMEX short position grows the inventories of GLD and SLV must grow as well to justify the naked short. The CFTC has never, to my knowledge, verified that the metal is real OR that there are no other claims of ownership on those inventories. Of course the obvious claim on that metal is the shareholders of the ETF through their "Authorized Participants"....don't even get me started on who those Authorized Partcipants are!

3) In the end, a gold/silver default is inevitable thus rendering the multiple ownership aspect of the manipulation plan a success. The default will happen in concert with the multiple other financial/currency defaults thus deflecting and masking the true nature of the scam. Of course, the losers will be those who thought they owned the physical metal but will never reap the rewards of it. The winners will be the countries in which the metal is stored because a collapse on a grand scale will surely promote the nationalization of all gold and silver the government can get their hands on for the good of their population. Thus the BIG winners in this game will be the USA with the COMEX inventories and England with the ETF inventories....no surprise there.

On a side note, it is very encouraging to hear so many new voices exposing the banking cabal after years and years of the GATA faithful fighting this battle alone!

Time to buckle up...AGAIN!
Bix

EXCELLENT topo chez seeking alpha

http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=email

et bien sur on n'oubliera pas en lisant ce topo que

- non seulement JPM et Hsbc détiennent 97% de la positions dérivé otc us gold et silver
http://000999.forumactif.com/les-hard-investors-f7/derives-gold-scoop-t9244.htm

- mais qu'ils sont également gardiens ( custodian ) des réserves de GLD ( ça c'est HSBC ) et SLV ( ça c'est JPM)

on se souviendra également de la class action contre morgan stanley pour gardiennage bidon de métaux précieux

http://000999.forumactif.com/les-hard-investors-f7/morgan-stanley-en-proces-pour-gardiennage-bidon-de-gold-t6700.htm

le toujours aussi pertinent Adrian Douglas
www.lemetropolecafe.com




GLD
Bill,
In the last two months GLD has apparently added 249 tonnes of gold. That means they took 68% of all global mine output! Somehow I don’t think this is possible. India typically imports about 25% of world gold mine output in a year so between just India and the GLD we are supposed to believe that almost all mine output is being taken up and yet gold can not make it through $1000/oz! What is wrong with this picture? What’s more the COMEX warehouse levels are completely static at 8.5 Mozs. They are a complete joke. Some days they report that somewhere between 0-500 ozs moved in or out of the warehouse (was this by Taxi cab?) but meanwhile back at the ranch two large identifiable buyers are taking delivery of nearly all the world’s gold mining output! From where? It should be noted that GLD has only been around for 4 years so their demand is relatively new. How can an entity go from zero to 68% of world mine supply and the gold price only appreciate on average 17% per annum? You don’t have to be a rocket scientist to know something is seriously wrong!
There are only two possible explanations: 1) GLD doesn’t have the gold they say they have without being encumbered in some way
2) The Central Banks are emptying their vaults surreptitiously at alarmingly high rates.
I tend to favor explanation number (1). What an efficient way to siphon off demand! In this way gold mine output can be "virtually" increased by 68%.
While we are on the subject in 2009 SLV has been accumulating silver at the rate of 35% of all global silver mine output! Yet silver is trading below the cost of production.
Many sing the praises of ETF’s as God’s gift to precious metals as it has allowed so much more institutional buying…I ponder what that much buying on the COMEX would have done to the PM prices. Madoff and Stansford funds seemed like great investor vehicles with stellar returns until the truth was revealed.
Wall Street is being revealed to be so utterly corrupt; are we to believe that the ETF’s are the only vehicles they invented that are totally corruption free? You only have to look at AIG that reported they lost 61B$ in a single quarter and they need 30B$ more from the government after having received 150B$ already. And yet Wall St. still calls this sham an insurance company!!! Hello! An insurance company is meant to have reserves out of which it can pay customer’s claims….how can such a capital black-hole be called an insurance company? If AIG can be called an insurance company then can you sleep at night knowing that Wall St calls GLD a gold backed ETF?
But Dennis Gartman says he has seen the gold in GLD so I guess that eliminates the need for an audit!
If anyone at GLD would like to e-mail me on how they purchase 68% of world mine supply without the price going nuts I would really like to hear it.
Cheers
Adrian
info@marketforceanalysis.com

Sprott Asset management fait également un papier à ce sujet .. en rappelalnt les tenants et aboutissants de GLD..

GLD is a complex legal structure, with the Bank of New York as the trustee, HSBC Holdings as the custodian, and a chain of subcustodians and sub-subcustodians, many of which are banks that are known to actively lease gold.

http://www.gata.org/node/7228

gros désengagement de Greenlight capital.. qui convertit toutes ses parts de GLD en lingots !

4.2 millions de parts c'est pas rien



peut être qu'il a eu vent que ces parts de GLD servaient en garantie aux brigands du comex?

http://000999.forumactif.com/les-hard-investors-f7/les-mystres-du-comex-t10399.htm


bref, voici l'article

http://www.bloomberg.com/apps/news?pid=20601213&sid=arz6MqVbTVBs

Einhorn’s Greenlight Hedge Fund Switches Gold ETF to Bullion

July 14 (Bloomberg) -- Greenlight Capital Inc., the $5 billion hedge-fund firm run by David Einhorn, told investors it switched all of its holdings in a gold exchange-traded fund into bullion during the second quarter.

The New York-based fund said the cost of keeping gold in a storage facility is less than it paid in fees for the SPDR Gold Trust, according to a letter sent to investors yesterday.

Greenlight, started by Einhorn, 40, in 1996, told clients in January it was buying gold for the first time amid the threat of inflation from higher government spending. The firm held 4.2 million shares of SPDR Gold Trust in the first quarter, making the gold-backed ETF its biggest holding.

The firm’s Greenlight Capital LP fund gained 16.3 percent in the second quarter, bringing its return this year to 21.5 percent, according to the letter, a copy of which was obtained by Bloomberg News. The fund lost 23 percent last year.

Hedge funds returned an average 9.4 percent this year through June after losing 19 percent in 2008, according to Hedge Fund Research Inc. in Chicago.

Steve Bruce, a spokesman for Greenlight, declined to comment on the fund’s switch.

Hedge funds are private, largely unregulated pools of capital whose managers can buy or sell any assets, bet on falling as well as rising prices and participate substantially in profits from money invested.

Enorme...!!!

.S. Kim: Gold, silver ETFs are fractional-reserve frauds

Submitted by cpowell on 08:14AM ET Saturday, July 18, 2009.
Section: Daily Dispatches
11:11a ET Saturday, July 18, 2009
Dear Friend of GATA and Gold (and Silver):
In an essay posted this week at Seeking Alpha, J.S. Kim, proprietor of the
SmartKnowledgeU investment advisory service (http://www.smartknowledgeu.com/),
brilliantly skewers the gold and silver exchange-traded funds as likely frauds,
perpetrators of a system of fractional-reserve gold and silver banking that is
built on conflict of interest. Kim quotes the research of silver market analyst
Ted Butler and GATA board member Adrian Douglas.
Kim writes:
"That physical gold held for the GLD may be held in unallocated gold accounts
where gold is not segregated from the custodian's assets may mean that multiple
entities have claims on the same gold bars. In theory, the gold held in the
custodian's vaults may be used for delivery against shorts they hold in the
futures markets if necessary even though GLD shareholders have a claim on this
gold."
Kim's commentary is headlined "Are GLD and SLV Legitimate Investment
Vehicles?" and you can find it at Seeking Alpha here:
http://seekingalpha.com/article/149209-are-gld-and-slv-legitimate-invest...?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee
Inc.

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