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Bloomberg marvels at 'secrecy' of London vault locations whose addresses Bullion Star revealed long ago
8:25p ET Monday, February 8, 2021
Dear Friend of GATA and Gold:
Bloomberg News today wins another prize for shoddy and credulous financial journalism with its brief video report, "Secretive Vaults Under London Store Silver and Gold," in which reporter Dani Burger asserts that the owner of a single share of a silver ETF could exchange it for metal and that the locations of London's gold and silver vaults are not public:
https://www.bloomberg.com/news/videos/2021-02-08/secretive-vaults-under-...
In fact, of course, most gold and silver ETFs allow conversation of shares to metal only for huge baskets of shares and only for the bullion banks that are "authorized participants" in ETF business. As a practical matter an ordinary investor in the major ETFs cannot convert a single share to metal.
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As for the secrecy of the locations of the London gold and silver vaults, Bullion Star researcher Ronan Manly long ago disclosed the addresses of many of them:
https://www.bullionstar.com/blogs/ronan-manly/chink-light-londons-gold-v...
https://www.bullionstar.com/blogs/ronan-manly/hsbcs-london-gold-vault/
https://www.bullionstar.com/blogs/ronan-manly/gold-vaults-london-malca-a...
Will Bloomberg News correct its reporting? Will it ever press the Bank for International Settlements to explain what it's doing in the gold market every day, why, and for whom? Will it ever put a critical question to a central bank about anything?
Or would that much investigative journalism risk too much of the news service's advertising?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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