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Jeff Clark: Here's why you should stay away from gold ETFs
1p HKT Sunday, April 10, 2016
Dear Friend of GATA and Gold:
Jeff Clark, senior metals analyst for Hard Assets Alliance, explained this week why gold exchange-traded funds are not really gold at all for the ordinary investor but rather mere claims on an asset that may not be accessible when an investor really wants it.
Citing the exchange-traded fund GLD, Clark notes that it "uses a custodian -- without question the most crucial counterparty in a gold ETF -- with a history of unethical behavior that many investors aren't aware of."
Even GLD investors owning the number of shares necessary to be allowed to convert them to metal -- 100,000 -- are not fully secure, according to Clark. He writes: "The fund reserves the right to 'settle in cash.' Even if you meet all the requirements for delivery, the fund can, for any reason it deems necessary, send you a check instead of bullion."
Clark's analysis is headlined "Here's Why You Should Stay Away from Gold ETFs" and it's posted at the Hard Assets Alliance Internet site here:
http://www.hardassetsalliance.com/blog/heres-why-you-should-stay-away-fr...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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