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Gold ETFs rely on metal borrowed from central banks, von Greyerz tells KWN
10:50a ET Monday, November 16, 2020
Dear Friend of GATA and Gold:
Echoing suspicion raised by Bullion Star researcher Ronan Manly, Swiss gold fund manager Egon von Greyerz tells King World News that gold exchange-traded funds may not have much gold that isn't borrowed from central banks.
Von Greyerz says: "The ETF market is primarily a paper market or at best a market which consists of gold leased from central banks. When there is major buying of the biggest gold ETF, GLD, the Swiss refiners seldom see an increase in sales. Instead the bullion banks are lending central bank gold to the ETF.
"For that reason, anyone who buys gold for wealth preservation should never buy a gold ETF but real physical gold."
Von Greyerz's comments are posted at KWN here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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