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GLD can't deliver real metal to ordinary investors, Tocqueville's Hathaway says
6:23p ET Wednesday, September 11, 2013
Dear Friend of GATA and Gold:
Following today's comments to King World News by Singapore fund manager and financial letter writer Grant Williams, Tocqueville Gold Fund manager John Hathaway expresses his own concern about the ability of the exchange-traded fund GLD to deliver real metal.
"If you are, say, Goldman Sachs or JPMorgan or one of the big bullion dealers, you can exchange shares for gold," Hathaway says. "And it's just an arbitrage game for the dealers. But if you are not within that system, and you have 100,000 shares of GLD, it's like pulling teeth trying to get physical gold out of that ETF."
Hathaway's message is, like Jim Sinclair's, to get your metal outside the banking system so that your metal is real and safer from expropriation. GLD, operated by State Street Bank and HSBC, is at the heart of the banking system, Hathaway says.
An excerpt from the interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/9/11_Pe...
CHRIS POWELL, Secretary/Treasurer
Gold Antii-Trust Action Committee Inc.
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