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Ronan Manly: GLD conceals its gold dealings with Bank of England

Section: Documentation

11:37a ET Tuesday, December 20, 2022

Dear Friend of GATA and Gold:

Bullion Star researcher Ronan Manly reports today that the SPDR Gold Trust, the exchange-traded fund better known as GLD, and its sponsor, the World Gold Council, are obscuring data in GLD's financial reports in violation of U.S. Securities and Exchange Commission rules, making it impossible for the public and investors to determine how much GLD gold is going into and out of the vaults of the Bank of England, a subcustodian of the fund's metal.

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Manly writes: "The GLD sponsor is now being totally untransparent and avoiding even discussing gold held with subcustodians. Why would they do this? 

"The most obvious reason would be to suppress any discussion of GLD's gold bars being held at the Bank of England -- to prevent the spotlight from being shone on the Bank of England's acting as lender of last resort in lending gold to the SPDR Gold Trust. That is, to prevent the spotlight being shone on any borrowed central bank gold that is being held by the SPDR Gold Trust.

"This gold would be gold borrowed by bullion banks from central banks (facilitated by the Bank of England's internal gold lending market at the Bank of England). The authorized participants of GLD (almost all of which are bullion banks) borrow the gold and deliver it into the SPDR Gold Trust."

Manly's excellent sleuthing seems to vindicate longstanding suspicions that GLD operates primarily not for investors seeking appreciation in gold's price but for governments seeking to control that price, and that investors putting funds into GLD expecting price appreciation for gold are actually sabotaging its price. 

Manly's analysis is headlined "Has GLD Been Failing to Disclose Gold Held at the Bank of England During 2022?" and it's posted at Bullion Star here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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