Amazing – GLD ETF Tells Customers You Can’t Have The Gold
September 11, 2013
Today one of the most highly respected fund managers in Singapore shocked King World News when he said that custodians of the ETF GLD have refused to give people physical gold in exchange for the shares. Grant Williams, who is portfolio manager of the Vulpes Precious Metals Fund, also warned that the massive and escalating paper claims on physical gold at the COMEX warehouse are going to create an explosion in the price of gold. Below is what Williams had to say as KWN readers around the world take another trip down the rabbit hole.
Eric King: “Grant, I wanted to ask you about paper claims on gold. They have reached another new all-time high. I think when you wrote (on KWN) about this initially it was around 42 to 1 (42 claims for every ounce of physical gold that exists). I think we have now surged all the way up to 54 to 1 (now).”
Williams: “Yes, we’re up around 55 now, Eric. We’ve seen the gold being drained out of the COMEX almost non-stop this year, certainly since the Bundesbank repatriation request. So, to see the claims mounting is no real surprise….