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World Gold Council CEO says gold's future is physical. (So much for GLD.)
2p ET Friday, January 16, 2015
Dear Friend of GATA and Gold:
The World Gold Council, creator of the gold exchange-traded fund GLD, yesterday announced an agreement in principle with the Shanghai Gold Exchange to develop the Shanghai Free-Trade Zone as a global gold market.
In a press release --
http://www.gold.org/news-and-events/press-releases/shanghai-gold-exchang...
-- World Gold Council CEO Aram Shishmanian said: "The growth of the Shanghai Gold Exchange into the world's largest physical gold exchange provides compelling evidence that the future of gold is physical. As the market shifts from West to East, the expansion of strong gold trading hubs in Asia will improve price discovery, liquidity, transparency, and efficiency, all of which will transform the landscape of the global gold market. As a major market, accounting for 30 percent of global capacity, this will enable China to take its rightful place in the world gold market."
So that's where GLD's metal has been going!
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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