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ETF Or (GLD) / achat or papier/ danger

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MessageETF Or (GLD) / achat or papier/ danger
par g.sandro Mer 16 Nov 2005 - 0:09

L'ETF Or (GLD) serait pipeau?
Bah oui...Ici on l'a dit d'emblée

les stocks d'or de GLD sont tout sauf physiques .

Quand la presse, et même certains gold bugs, (parfois célèbres) nous vendaient ça comme une news bullish Gold, ici, on criait à la diversion Caballistique pour détourner les flux d'investissements de l'or physique.

Et bien il semblerait que la garantie de détention des actifs aurifères du fonds soient (au moins) sujets à caution.

Alors ok, c'est Turk qui le dit ( et il est un peu concurrent de l'ETF avec son Goldmoney, mais au moins lui, il lutte à nos cotés et à choisir j'ai bcp plus confiance en lui qu'en "helicopter Ben"...lisez ça, c'est vraiment tout frais pondu et ça montre bien la manoeuvre d'intox de l'ETF Or...

Je rappelle aux distraits que certains intérêts qui se prétendent proches de nous (mais qui ne le sont pas) veulent même faire un ETF Argent...
on a vu que l' ETF Or avait précipité par une vente massive à un seuil critique, des tonnes d' or, ça nous a pris des mois pour rattraper le coup...

http://www.kitco.com/ind/Turk/nov222004.html



C'est bien un outil de diversion, non?



Silver is king, Go Gold !
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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Sam 23 Fév 2008 - 0:53

pour les amateurs de papier ... fut'il doré ... à méditer ..

source :www.lemetropolecafe.com

remarques fort interessantes de gata soldiers .. sur la relation : cours de l'or / cours de GLD / stocks or de GLD


Dave from Denver on GLD:
Okay. So I got a few answers that are acceptable regarding the price spread between GLD and spot gold. To be sure, GLD is structured such that the spread between the price of GLD and gold widens as gold moves higher. That's fine. But what about when I see gold up 10 bucks (yesterday) and GLD is DOWN 40 cents? Someone explain that. And someone please pretty please explain how the gold holdings in the GLD trust have remained unchanged for the last 13 days, with gold moving up price nearly $50. Statistically very improbable. The last time the holdings in GLD remained unchanged for a string of days like that was in Feb/early Mar '05, the fund was less than 5 months old, and gold moved down $7 from $433 to $426. The managers of GLD are asking me to believe that the money flowing in and out of GLD over the past 13 trading sessions, with high volatility and gold has essentially moved up $50 with fair amount of volatility? Something is very screwed up and either GLD is sitting on cash and not adding physical gold to help keep a lid on the price, or GLD is moving physical gold in and out of GLD to help in aid in the price suppression. Just for the record, one of the sub-custodians of the trust is the Bank of England and they are one of the designees to safekeep the bullion. Any more questions? Oh ya, one more point: anyone who owns GLD, why don't you call up HSBC, the trustee, and ask them if you can have your tax advisor go and inspect the actual physical holdings, with receipts. According to the legal documents of GLD, they can tell you to go pound sand. I see that the esteemed Dan Norcini agrees with my view:
Dear CIGAs,

Something smells mighty fishy to me about what is going on in this ETF of late. Some of us have long believed that the inherent flaw in this ETF is in its auditing process which is less than transparent. If the bad guys who comprise COT and are the price managers on behalf of the US monetary authorities needed another source of gold for the supply that they feed into the market to suppress the price, the ETF is a perfect vehicle for this. I find it a huge stretch of the imagination to see gold soaring into all time highs and the one major indicator of investment demand for that same metal sitting there unchanged when it comes to reported holdings for nearly two weeks! I just read this AM that platinum and palladium holdings in the London ETFs for those metals are soaring because of investment demand. Why then is the gold ETF not reporting a sharp increase in its holdings? To believe that nothing has changed in there is to believe that the sun rises in the West.

Click here for today’s Streettracks Gold ETF chart with commentary from Trader Dan Norcini
***



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Jeu 22 Mai 2008 - 1:15

www.lemetropolecafe.com

la CFTC accorde des exemptions à l'ETF Or GLD ( sur les provisions, sur les rapports de trading, et même sur les livraisons...bref GLD ne sera plus obligé de déclarer aucune des activités du fonds or physique qu'il prétend être )

Jim Willie is one smart cookie. One of his latest…(source "hat trick letter", note de marie )
? A bizarre but consistently corrupt directive has been proposed by the lapdog Commodity Futures Trading Commission (CFTC) regarding the StreetTracks Gold Trust, the ‘GLD’ Exchange Traded Fund. Managed by JPMorgan, the GLD fund is ripe with corruption, without any doubt in my mind. They use whatever gold bullion they possess to short gold for the cartel, thus neutralizing physical gold demand in brilliant fraudulent fashion. The CFTC has proposed the exemption of StreetTracks Gold from provisions of the Commodity Exchange Act in reporting their trading and clearing of options for its GLD shares. The CFTC has also proposed the exemption of StreetTracks Gold in reporting physically delivered gold futures contracts based on GLD shares. Options and delivery for GLD share activity are soon to go dark, no audit trail whatsoever. If they never purchase gold bullion as promised, as stipulated in their prospectus, no regulatory body can enforce it, let alone discover their failure to do so. This is the exact opposite of what a legitimate fund would do. The powers are slowing eliminating all rules for honest accounting. Within two or three years, confiscation of GLD gold bullion might be possible without any violations of law, and possibly without any recognition by its shareholders, maybe no announcements even. The GLD is a major fraud, just like the SLV silver ETFund run by Barclays of London.
Yet another Exchange Traded Fund has launched. The World Gold Council (WGC) and Dubai Multi Commodities Centre are launching their Dubai Gold Shares fund backed by gold bullion. This fund will be part of the Exchange Trade Gold family of products, sponsored by the World Gold Council. This shadowy group acts as a powerful marketing organization funded by the biggest of gold mining firms. Be suspicious of this ETFund out of Dubai. The gold cartel has extended its tentacles once more, this time to the Middle East. Gold held in WGC funds are listed in New York, London, Australia, and Johannesburg South Africa. Their holdings total 805 tonnes of gold bullion worth $23 billion, and represent 90% of all gold ETFunds. Be sure that almost none obeys proper accounting rules, and probably the great majority of this gold bullion is used to short the gold price. The net result is that all physical demand on these ETFunds has effectively neutralized the gold price effect, since investor demand is offset by shorts on futures contracts.
***



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Dernière édition par marie le Jeu 24 Mar 2011 - 1:00, édité 1 fois

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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Jeu 10 Juil 2008 - 0:42

héhé les grands esprits se rencontrent
après les bidouilles des market makers sur ETF argent , voir cette file , Adrian Douglas nous signale q'une pléthore d'options sont disponibles sur GLD !
pour un fond censé être basé sur de l'or physique, c'est fort ... car ces options la, elles ne sont pas couvertes par du métal réel .. ça c'est certain ..

décidément ... c'est tjs les mêmes tricks ... à force de jouer avec le feu .. ça pourrait bien leur PT à la tronche

www.lemetropolecafe.com




Options on GLD
Bill,
It has come to my attention that there is now an OPTIONS chain on GLD!
http://finance.yahoo.com/q/op?s=GLD
Now how does that work with a share that is supposedly backed by gold!?? Whose gold are they putting at risk by offering these derivatives on investors supposed "safe haven" investment? What if gold went up $500 in a week and all the call options were exercised? Where does the gold come from? Where does the money come from to go and buy it on the open market at a price $500/oz higher than the price paid by the option holder? Ah! I know! They probably have the risk hedged with an over-the-counter derivative contract that has a counter-party who doesn’t have any gold either but will sell a derivative insurance contract!
Does anybody believe that GLD is what they say it is? If so call me, I have several bridges in Brooklyn for sale…oh! I also have some options to let you buy the bridge at today’s price some time later. I’ll even send you a picture of your bridge so you can be confident that your bridge exists!
Cheers
Adrian



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Ven 15 Aoû 2008 - 23:56

les stock ne baissent pas pour GLD
http://themessthatgreenspanmade.blogspot.com/2008/08/gld-inventory-to-gold-price-ratio-at.html

merci à sdm 1978 pour le lien


interessant en effet, bien que je n'en tire pas les mêmes conclusions que l'auteur

il faut tout de même se remettre en mémoire le fonctionnement soit disant officiel de cet etf ..
si gld baisse ( et il le fait ) les gérants sont censés remettre, A CE MOMENT PRECIS, la contrevaleur en or sur le marché ... et inversement à l'achat ..
ce n'est pas vraiment ce qui se produit.... et de nbreuses infos en font état de façon réguliére .. ( voir les posts de cette file )

pour mémo et entre autres joyeusetés ...... l'or physique de cet etf est gardienné à londres ... ds les coffres de .... HSBC

HSBC qui est la 2eme banque ( après JPM ) en exposition sur le marché des dérivés de l'or ..




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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Ven 13 Fév 2009 - 13:14

les stocks GLD atteignent de nouveaux plus hauts historiques et environ 44 T ont été ajoutées ce dernier mois... ce qui laisse pas mal d'observateurs perplexes sur la nature de cet or..
Sinclair, ne voit qu'une possibilité : cet or n'est bien sur pas physique, mais longues positions OTC...

ce qui est la pire formule que l'on puisse imaginer.. même pour l'or papier !

http://www.gata.org/node/7169

Where do the gold ETFs really get their bullion?


Submitted by cpowell on Fri, 2009-02-13 01:43. Section: Daily Dispatches
By Jim Sinclair
www.JSMineSet.com
Thursday, February 12, 2009
Don't you think it is about time GLD and the other popular international gold exchange-traded gold funds told their owners exactly what kind of gold they claim to own?
Can you imagine a situation where a person buys a gold ETF to own "non-gold" but finds out that he in reality owns OTC derivatives on gold? That would be an investment in the same type of financial instrument (not gold) that one owns gold bullion to protect oneself against.
The failure to unearth the Madoff scandal earlier becomes incredible when one understands that the returns from the market that were claimed on the size of the hedge fund were logically impossible.
The same reasoning screams bloody murder when applied to the many gold EFTs in terms of what it is they really own.
This raises a major question: From where did all the gold claimed to be owned by all the gold ETFs come from?
Where did funds such as GLD get their additional 45 tons in the last month?
We certainly can forget about that gold coming from the Comex. Twelve deliveries would stand out like a sore thumb.
Record keeping eliminates all exchanges around the globe as the source of bullion in any size to all the gold ETFs.
The physical market is so tight that coin minting has all but closed down compared to what it was one year ago. It is hard to accept that the gold EFTs can buy what the mints can't.
A read of the original EFT prospectus removes any thought that the gold is leased but leaves one to invite probability.
That probability is that the claimed gold can be only OTC derivative long positions. If that is so, then the financial reliability of the paper stands on the foundation of the balance sheet of the granting counterparty to the OTC derivative. This is true regardless of whether the counterparty is a mine or a naked speculator.
I think people own an ETF of derivatives, not of gold.
If I am correct then there is no clearinghouse guarantee for the OTC derivative to function.
Like so many other surprises of the last two years, the gold ETF shareholder may actually have no gold at all.
A perfect Ponzi scheme would allow you to surrender shares for bullion. You need only think about it.



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Sam 14 Fév 2009 - 21:32

Bill Murphy revient sur ce sujet .. GLD a ajouté 104 T en 4 séances !!
chiffre à mettre en relation avec le quota annuel de 500T Washington agreement soit 9.7 T par semaine...

ya vraiment un truc qui cloche... d'autant plus que les ventes WAG sont tres largement en dessous de ce quota depuis de TRES nombreux mois !!

www.lemetropolecafe.com


The big deal this week in gold was the incredible increase in GLD holdings. Supposedly 104 tonnes of gold has been accumulated in the past 4 days alone. Yesterday another 15 tonnes went in. Here are the numbers reflecting the massive increase in tonnage
Monday - 881.87
Tuesday - 894.72
Wednesday - 935.09
Thursday - 970.57
Friday - 985.86
To put that in perspective a big deal has been made over the past decade over The Washington Agreement, which allows the European central banks to sell 500 tonnes of gold per year in aggregate, or around 9.7 tonnes per week. If they were to sell the maximum average per week, it would take 2 ½ months of selling just to make up for this staggering GLD demand in less than a ONE week period.
There are two key points to make here:
*For obvious reasons, demand for physical gold is growing by leaps and bounds in the US and in the West. As expected by our camp, gold and silver ownership is quickly becoming THE GO TO investment for 2009, with more and more of The Muppets and the rest of Planet Wall Street climbing onboard. If anything, this welcome trend is likely to continue for some time, putting EXTREME pressure on The Gold Cartel to come up with available central bank supply to meet this new demand.
Fortunately for the bums, the Indians, Arabs, and Asians have withdrawn from entering the gold buying scene, preferring not to chase the gold price. However, they won’t remain on the sidelines forever and are surely going to want back in. This means there is latent, powerful buying to surface in the months ahead, which will compound the new surge by Westerners. In turn, this will compound problems for The Gold Cartel and their price capping routine.
*How in the heck can all 40 tonnes of buying hit the market the past two days alone, and the price correct like it did back to $931, or $17, on Friday with outside markets not a factor? Was it blatant Gold Cartel selling to calm down gold fever, or is it possible that GLD actually didn’t buy that much gold? Jim Sinclair questions how they could buy that much gold in such a short period of time, querying where did they obtain the supply (see below)?
There are a number of us in the GATA camp who don’t trust GLD because of the people involved in promoting it. IF, they aren’t securing the gold they say they are, it could lead to incredible fireworks down the road should they be found out.



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Mar 17 Fév 2009 - 21:37

un graph tonnage GLD, comparé à l"évolution du spot .

remarquez notamment, comme il a continué à monter, meme lors de l' importante derniére correction de l'or

remarquez aussi, comment cette augmentation colossale du tonnage, n'a eu qu'une influence minime sur le cours du spot



voir les derniers commentaires de J Turk dans son dernier topo

Citation :
When I look at the above chart, one key question arises immediately. How can a 150-tonne increase in demand for metal in recent weeks translate into such a relatively small increase in the price of gold? This disparity raises more questions as to whether the ETF really owns the metal supposed to be backing the shares it issues.

I'm no fan of the precious metal ETFs, and haven't been since they were first launched. I've written extensively about the ETFs to record the risks as I see them. These writings can be found at the following links.
http://www.financialsense.com/editorials/turk/2007/0305.html
http://www.financialsense.com/editorials/rubino/2007/0410.html
In short, the ETF is at best a trading vehicle, and not an alternative to owning physical gold. In this sense, the ETF is like a futures contract, which of course is not an alternative to owning physical gold either. With these trading vehicles you have exposure to movements in the price of gold, but they also come with counterparty risk, which should of course be avoided because of the ongoing economic and financial problems around the globe. The lessons in this regard were learned in September when Lehman collapsed and AIG was on the ropes, which caused numerous commodity ETFs in London to suspend trading.
So if you want to trade the price of gold, trade futures or ETFs. But do not view futures or the ETFs as an alternative to owning physical gold and silver.
If you are still not convinced, or even if you are, I recommend reading an article by Jim Sinclair which questions the integrity of GLD and the other gold ETFs. His February 12th report entitled "Where Do All The Gold ETFs Get Their Bullion From?" can be read at the following link:
http://jsmineset.com/index.php/2009/02/12/where-do-all-the-gold-etfs-get-their-bullion-from/


http://goldmoney.com/en/commentary/2009-02-15.html

et pour terminer à ce sujet, ci dessous un graph de l'or "physique" accumulé ds toutes les instances connues ( Divers ETF, comex, tocom etc )
GLD ( en vert clair ) est de TRES loin, la plus grosse réserve


ps: graphes www.Sharelynx.com



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Dernière édition par marie le Jeu 24 Mar 2011 - 1:04, édité 1 fois

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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Jeu 19 Fév 2009 - 1:13

une autre piste interessante, développée par Bix Weir...
l'or des etf existe bien ... mais il est compté plusieurs fois ( exactement comme l'or prété des BC, continue à figurer dans leurs réserves )

www.lemetroplecafe.com

Bix…
Hi Bill -
I see a lot of discussion on whether or not the gold and silver ETF's actually have the physical metal that they claim. Although Jim Sinclair says that he doubts it, from my analysis of GLD and SLV I believe that the gold and silver bars may actually be real and the serial numbers they quote might actually exist. Boy, wouldn't that be a shocker!

The fraud lies in the multiple ownership aspect of those bars and the physical location of the inventories. Fractional Reserve Metal Banking is alive and well in the ETF world! From my discussions with David Kass of the CFTC it is clear to me that there is a direct connection between COMEX warehouse inventories and the ETF inventories where both are being double counted without regard to sole rights of ownership.



Here's the way I see it:

1) There are multiple claims of ownership of the GLD and SLV physical inventories including ETF shareholders, sovereign nation reserves, working manufacturing/refining inventories, pooled accounts, metal certificates, swaps, leases, etc. Although much of it may be stored in the ETF sanctioned warehouses in London, it is also in various other places (Fort Knox for example!). It would not surprise me to find out that the "metal leverage" translates into 3 or more claims on each individual bar listed in the ETF inventories. Neither prospectus requires physical audits, sole ownership audits or any strict storage location requirements.

2) The supposed naked short positions in gold and silver on the COMEX have been justified to the CFTC by the banking cabal (mainly JP Morgan) by claiming that at any time they can back those positions with the physical gold and silver located (and identified by serial number) in the metal ETF's. As the COMEX short position grows the inventories of GLD and SLV must grow as well to justify the naked short. The CFTC has never, to my knowledge, verified that the metal is real OR that there are no other claims of ownership on those inventories. Of course the obvious claim on that metal is the shareholders of the ETF through their "Authorized Participants"....don't even get me started on who those Authorized Partcipants are!

3) In the end, a gold/silver default is inevitable thus rendering the multiple ownership aspect of the manipulation plan a success. The default will happen in concert with the multiple other financial/currency defaults thus deflecting and masking the true nature of the scam. Of course, the losers will be those who thought they owned the physical metal but will never reap the rewards of it. The winners will be the countries in which the metal is stored because a collapse on a grand scale will surely promote the nationalization of all gold and silver the government can get their hands on for the good of their population. Thus the BIG winners in this game will be the USA with the COMEX inventories and England with the ETF inventories....no surprise there.

On a side note, it is very encouraging to hear so many new voices exposing the banking cabal after years and years of the GATA faithful fighting this battle alone!

Time to buckle up...AGAIN!
Bix



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Jeu 19 Fév 2009 - 23:46

EXCELLENT topo chez seeking alpha

http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=email

et bien sur on n'oubliera pas en lisant ce topo que

- non seulement JPM et Hsbc détiennent 97% de la positions dérivé otc US pour l'or et l'argent
http://www.hardinvestor.net/les-hard-investors-f7/derives-gold-scoop-t9244.htm

- mais qu'ils sont également gardiens ( custodian ) des réserves de ETF Or GLD ( ça c'est HSBC ) et ETF Argent SLV ( ça c'est JPM)

on se souviendra également de la class action contre morgan stanley pour gardiennage bidon de métaux précieux

http://www.hardinvestor.net/les-hard-investors-f7/morgan-stanley-en-proces-pour-gardiennage-bidon-de-gold-t6700.htm



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Mer 4 Mar 2009 - 0:38

le toujours aussi pertinent Adrian Douglas
www.lemetropolecafe.com




GLD
Bill,
In the last two months GLD has apparently added 249 tonnes of gold. That means they took 68% of all global mine output! Somehow I don’t think this is possible. India typically imports about 25% of world gold mine output in a year so between just India and the GLD we are supposed to believe that almost all mine output is being taken up and yet gold can not make it through $1000/oz! What is wrong with this picture? What’s more the COMEX warehouse levels are completely static at 8.5 Mozs. They are a complete joke. Some days they report that somewhere between 0-500 ozs moved in or out of the warehouse (was this by Taxi cab?) but meanwhile back at the ranch two large identifiable buyers are taking delivery of nearly all the world’s gold mining output! From where? It should be noted that GLD has only been around for 4 years so their demand is relatively new. How can an entity go from zero to 68% of world mine supply and the gold price only appreciate on average 17% per annum? You don’t have to be a rocket scientist to know something is seriously wrong!
There are only two possible explanations: 1) GLD doesn’t have the gold they say they have without being encumbered in some way
2) The Central Banks are emptying their vaults surreptitiously at alarmingly high rates.
I tend to favor explanation number (1). What an efficient way to siphon off demand! In this way gold mine output can be "virtually" increased by 68%.
While we are on the subject in 2009 SLV has been accumulating silver at the rate of 35% of all global silver mine output! Yet silver is trading below the cost of production.
Many sing the praises of ETF’s as God’s gift to precious metals as it has allowed so much more institutional buying…I ponder what that much buying on the COMEX would have done to the PM prices. Madoff and Stansford funds seemed like great investor vehicles with stellar returns until the truth was revealed.
Wall Street is being revealed to be so utterly corrupt; are we to believe that the ETF’s are the only vehicles they invented that are totally corruption free? You only have to look at AIG that reported they lost 61B$ in a single quarter and they need 30B$ more from the government after having received 150B$ already. And yet Wall St. still calls this sham an insurance company!!! Hello! An insurance company is meant to have reserves out of which it can pay customer’s claims….how can such a capital black-hole be called an insurance company? If AIG can be called an insurance company then can you sleep at night knowing that Wall St calls GLD a gold backed ETF?
But Dennis Gartman says he has seen the gold in GLD so I guess that eliminates the need for an audit!
If anyone at GLD would like to e-mail me on how they purchase 68% of world mine supply without the price going nuts I would really like to hear it.
Cheers
Adrian
info@marketforceanalysis.com



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Ven 6 Mar 2009 - 17:55

Sprott Asset management fait également un papier à ce sujet .. en rappelalnt les tenants et aboutissants de GLD..

GLD is a complex legal structure, with the Bank of New York as the trustee, HSBC Holdings as the custodian, and a chain of subcustodians and sub-subcustodians, many of which are banks that are known to actively lease gold.

http://www.gata.org/node/7228



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Mer 15 Juil 2009 - 23:36

gros désengagement de Greenlight capital.. qui convertit toutes ses parts de GLD en lingots !

4.2 millions de parts c'est pas rien

aaarf

peut être qu'il a eu vent que ces parts de GLD servaient en garantie aux brigands du comex?

http://www.hardinvestor.net/les-hard-investors-f7/les-mystres-du-comex-t10399.htm


bref, voici l'article

http://www.bloomberg.com/apps/news?pid=20601213&sid=arz6MqVbTVBs

Einhorn’s Greenlight Hedge Fund Switches Gold ETF to Bullion

July 14 (Bloomberg) -- Greenlight Capital Inc., the $5 billion hedge-fund firm run by David Einhorn, told investors it switched all of its holdings in a gold exchange-traded fund into bullion during the second quarter.

The New York-based fund said the cost of keeping gold in a storage facility is less than it paid in fees for the SPDR Gold Trust, according to a letter sent to investors yesterday.

Greenlight, started by Einhorn, 40, in 1996, told clients in January it was buying gold for the first time amid the threat of inflation from higher government spending. The firm held 4.2 million shares of SPDR Gold Trust in the first quarter, making the gold-backed ETF its biggest holding.

The firm’s Greenlight Capital LP fund gained 16.3 percent in the second quarter, bringing its return this year to 21.5 percent, according to the letter, a copy of which was obtained by Bloomberg News. The fund lost 23 percent last year.

Hedge funds returned an average 9.4 percent this year through June after losing 19 percent in 2008, according to Hedge Fund Research Inc. in Chicago.

Steve Bruce, a spokesman for Greenlight, declined to comment on the fund’s switch.

Hedge funds are private, largely unregulated pools of capital whose managers can buy or sell any assets, bet on falling as well as rising prices and participate substantially in profits from money invested.



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par g.sandro Jeu 16 Juil 2009 - 8:59

Enorme...!!!

je plane pour toi tchin amur clap clap chappo chinois ye.s aaarf r.ire



Silver is king, Go Gold !
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Message.S. Kim: Gold, silver ETFs are fractional-reserve frauds
par g.sandro Lun 20 Juil 2009 - 0:44

.S. Kim: Gold, silver ETFs are fractional-reserve frauds

Submitted by cpowell on 08:14AM ET Saturday, July 18, 2009.
Section: Daily Dispatches
11:11a ET Saturday, July 18, 2009
Dear Friend of GATA and Gold (and Silver):
In an essay posted this week at Seeking Alpha, J.S. Kim, proprietor of the
SmartKnowledgeU investment advisory service (http://www.smartknowledgeu.com/),
brilliantly skewers the gold and silver exchange-traded funds as likely frauds,
perpetrators of a system of fractional-reserve gold and silver banking that is
built on conflict of interest. Kim quotes the research of silver market analyst
Ted Butler and GATA board member Adrian Douglas.
Kim writes:
"That physical gold held for the GLD may be held in unallocated gold accounts
where gold is not segregated from the custodian's assets may mean that multiple
entities have claims on the same gold bars. In theory, the gold held in the
custodian's vaults may be used for delivery against shorts they hold in the
futures markets if necessary even though GLD shareholders have a claim on this
gold."
Kim's commentary is headlined "Are GLD and SLV Legitimate Investment
Vehicles?" and you can find it at Seeking Alpha here:
http://seekingalpha.com/article/149209-are-gld-and-slv-legitimate-invest...?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee
Inc.

* * *

Join GATA here:
The Silver Summit 2009
Thursday-Friday, September 24-25, 2009
Davenport
Hotel, Spokane, Washington
http://thesilversummit.com

Toronto Resource Investment Conference
Saturday-Sunday, September 26-27,
2009
Intercontinental Hotel, Toronto, Ontario, Canada
http://www.cambridgeconferences.com/ch_tor2009.html

New Orleans Investment Conference
Thursday-Sunday, October 8-11,
2009
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://www.neworleansconference.com/

* * *
Support GATA by purchasing a colorful GATA T-shirt:
http://gata.org/tshirts



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Jeu 23 Juil 2009 - 23:30

depuis l'annonce de greenlight, d'autres fonds sortent de GLD et pas des petits

www.lemetropolecafe.com




GLD ETF
Hi Bill
This is the first time I've seen the GLD holdings decline while the price of gold is rising.
Ever since the Greenlight Fund said they were swapping from paper gold to 'real' physical gold there's been a steady sell off in GLD holdings.
According to TickerSpy, since Greenlight announced their change the following funds have sold out of GLD:
Augustine Asset Management - 1.9m
Churchill Management Group - 0.4m
CI Investments - 424.7m
Manley Asset Management - 1.1m
Pate Capital Partners - 4.54m
TD Securities - 2.0m
United Financial - 7.1m
I can only presume that the investors in GLD are starting to wise up as to what they are holding.
Cheers Nick



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Dim 6 Sep 2009 - 16:16

tiens donc ... jetez un oeil sur les plus gros détenteurs de ETF Or GLD..



by coutoisy of www.lemetropolecafe.com

JPM arrive en 2eme position..

surement aucun rapport avec notre file "les mystéres du comex.." où l'on apprend que les parts de gld sont, pour les livraisons comex, aussi valables que de l'or



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Dernière édition par marie le Jeu 24 Mar 2011 - 1:08, édité 2 fois

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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Lun 14 Déc 2009 - 23:57

poum sur Hamilton et son dernier article sur GLD.. il l'a pas volée, celle là ..

voici d'abord son article

http://www.gold-eagle.com/gold_digest_08/hamilton121109.html


et le commentaire



Adam Hamilton's Sloppy, Inept Commentary On GLD


I was somewhat shocked to read Adam Hamilton's freebie essay posted on
http://www.goldseek.com/ in which he tries to discredit the growing chorus of analysts who are taking a close look at GLD's Prospectus and throwing up a big red flag on the GLD operations. It is readily apparent that Hamilton has not spent time reading the GLD prospectus. His criticism is of the fringe element out there hurling obviously unfounded accusations. Hamilton, in an uncanny display of incompetent analyis, completely avoids the obvious legal loopholes - loopholes large enough to drive a freight train through - and he fails to address the real problems with GLD's legal structure. If you're interested, please review my 12/2 post on GLD: LINK

One of the biggest problems with GLD is the lack of any accountability from the Custodian, HSBC, for the location and physical inventory of the actual gold bars. Hamilton tries to address the issue of the lack of a bona fide audit of GLD by throwing up that he's an ex-auditor ("I eat breakfast every morning 300 yards from 3000 Cubans who are trained to kill me" - Jack Nicholson in "A Few Good Men"), and since GLD links its audit report on its website and he's read that audit report, it's okay.

HOWEVER, if Hamilton had spent time thoroughly reviewing the Prospectus, he would see that a physical audit is not required and that the annual financial audit is nothing more than an inspection of the financial records provided by the Trustee. As per the Prospectus, there are several ways in which the Custodian can throw roadblocks to an actual, bona fide physical audit. I leave it to the reader to look at my report on GLD and read the Prospectus for themselves.

Hamilton also points to the "Inspectorate Certificate" newly linked on the GLD website. But this "certificate" is a complete farce. Again, I admonish Hamilton for sloppy, incompetent work. The certificate clearly states "
As per the records of the Custodian..." LINK. THE PRIMARY PROBLEM WITH THE VERY LEGAL STRUCTURE OF GLD IS THE WAY IN WHICH THE CUSTODIAN HAS NEARLY ZERO ACCOUNTABILITY. Do your goddamn homework Adam. This "inspection of the bullions bars" is nothing more than an inspection of the records - paper records - provided by HSBC. Anyone see a problem here? There is still NO bona fide physical audit of the actual bars. And the legal structure of GLD makes it impossible to force a genuine bar count AND formal assay audit.. We know we need an assay inspection of the bars because of all the "salted" London bullion bars being discovered in depositories across the globe ("salted" = gold plated tungsten).

One more point about Hamilton's defense of the audit firm and audit process of GLD. I guess he wasn't around when Enron imploded from massive fraud. I vividly remember Enron because I started shorting it in the $40's and made a lot money when Enron imploded a few months laster. In fact, the Enron Ponzi scheme took down its auditor, the formerly highly regarded Arthur Andersen. Next time an ex-CPA tries to defend his profession, grab ahold of your wallet and run. In my GLD report, written 10 months ago, I suggest that GLD has the possibility of being the next Enron.

When I first started exclusively researching/investing/trading the precious metals and mining stock sector, I actually subscribed to Hamilton's newsletter for a short period of time. It didn't take reading too many issues before I understood that Hamilton's research and analysis of mining stocks lacks any real substance and due diligence. His reports are overly verbose, self-adulating and narcissistic. They do contain some excellent statistical work in which he meticulously massages empirical trading data in the context of simple technical analysis. This current commentary on GLD, however, reminds me why I haven't paid attention to his work for over 6 years.


******************

autres commentaires du courrier lecteurs Midas.. bien sentis, eux aussi ..

www.lemetropolecafe.com

Adam Hamilton
Hi Bill,
Adam Hamilton's article "GLD Conspiracy Theories" has to quality him for moron of year honors.

The article is full of garbage, but here is the worst of it.

He claims that because "conspiracy theorists" are a tiny minority, they can not be right.
He makes a very weak argument that those who speak against the GLD ETF have a hidden agenda, but ignores the agenda of those who own the GLD ETF.

I believe that this article is a produce of willful ignorance and foolish pride. The truth is right in front of him. Where everyone else can choose to ignore it, because of his position, he has to react. Here was my reply to him:
<BLOCKQUOTE>With fraud all around us, I am surprised to see you defending GLD. The central banks, investment banks and government are all in bed together. You don't talk about any conflicts of interest on that front.
By steering people toward GLD, all you are doing is keeping a lid on the premium for GTU and coins. More more me. </BLOCKQUOTE>

This is one small vignette in the long bull market. I become more bullish all the time. It is clear that many otherwise bright people simply refuse to see what is before their eyes. Did you see the interview of Jimmy Rogers by Maria Bartaromo the other day? Here is the link:
http://www.youtube.com/watch?v=4HkbS4aDCU0

It is astounding that all of this is out there, eloquently presented, and yet nothing changes. I guess most people simply are not wired to accept the truth. It's hard for me continue to be sympathetic toward a populous that is so willfully ignorant.
Best,
V
Dear Mr. Hamilton,
Your article "Gld Conspiracy Theories"
I noticed in your article that you admitted that you don't know if the gold is in the GLD ETF or not. "Conspiracy theorists always ask how I know that GLD really holds physical gold bullion as advertised. I don't know, and neither do they." I find it surprising then you would have the audacity to write a lengthy article essentially claiming that people who don't believe the GLD ETF holds all or part of the gold claimed to be held are conspiracy theorists. Notably absent from your article was any analysis at all of the prospectus of the ETF, which I have taken the time (a lot of time), to read and understand. My conclusion after reading was that there is absolutely no right to see the gold in their vaults. I also took the time to read and study the prospectus of the CEF fund. I reached the exact opposite conclusion about CEF, that an investor can see the gold in the vault.

I think in fairness to your readers (and the conspiracy nuts), you should discuss alternative vehicles to GLD that have less risk associated with them, such as the GTU and/or CEF. Both are equally easy to purchase and sell. Indeed, 5 years ago, anyone accusing Mr. Madoff as a scam artist would have been ridiculed as a nut, tin foil hat wearer, or a conspiracy theorist, but we know better today, don't we?
Best regards,
Paul Maddock



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Jeu 17 Déc 2009 - 21:51

et pour terminer avec ce désastreux topo de Hamilton,
et notamment ce §

Citation :
"Conspiracy theorists always ask how I know that GLD really holds physical gold bullion as advertised. I don't know, and neither do they. Nothing is certain in the financial markets, and the anti-GLD crowd hypocritically tries to hold GLD to a standard that no other investment is held to. All markets are based on trust, and as investors we can never be certain whether anything is legitimate."

la très sobre réponse de James Turk

http://www.fgmr.com/fractional-reserve-aspects-of-gold-etfs.html



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Messagegld : à 80 % des futures
par marie Sam 12 Juin 2010 - 12:48

ETF Or GLD c'est à 80 % des futures, et pas du physique .. et c'est Deutsche Bank qui le dit

www.lemetropolecafe.com



Deutsche Bank's Lewis Says Gold May Rally Past Record on Crisis
Bill,
Deutsche Bank confirms gold ETF’s are 80% futures. Therefore they are not backed by physical gold as claimed!

http://www.businessweek.com/news/2010-06-04/deutsche-bank-s-lewis-says-gold-may-rally-past-record-on-crisis.html
QUOTE
The precious metal may rise to as much as $1,700 an ounce over the next year on concerns that budget deficits will weaken major currencies, Lewis said in an interview yesterday in Lima. Exchange-Traded Funds, known as ETFs, where gold futures make up 80 percent, are also having an "enormous impact," he said.
END
Cheers
Adrian



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Sam 19 Juin 2010 - 13:01

lettre ouverte au département de la justice us sur gld et slv

http://www.zerohedge.com/article/liberation-essays-no-2-must-read-all-shareholders-slv-and-gld

à lire dans le détail .. c'est long mais fort instructif

on y apprend notamment que seuls les participants autorisés sont autorisés à échanger leurs parts contre du physique .. 5 de ces ces participants ( Deustche Bank, Goldman Sachs, HSBC, JP Morgan, and UBS, ) sont les clearing members du LBMA.. tiens donc ..
la liste compléte ( où figurent nos habituels suspects ) étant :

BMO Capital Markets Corp., CIBC World Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., EWT, LLC, Goldman, Sachs & Co., Goldman Sachs Execution & Clearing L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. Incorporated, Newedge USA LLC, RBC Capital Markets Corporation, Scotia Capital (USA) Inc. and UBS Securities LLC



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Sam 28 Aoû 2010 - 15:47

celle là vaut son pesant d'or !
le patron du managing de GLD, ne posséde pas de parts gld, et d'une ...

et de 2 , parmi les cadres dirigeants du WGC ( qui sponsorise GLD), c'est pareil == > aucun ne posséde de parts dans l'etf GLD

amusant, non?

en revanche, Jason Toussaint ( le managing director de gld ) posséde bel et bien du physique, et des miniéres.

le dernier § de l'article précise que si les coffres de hsbc / gld sont audités, ceux des intermédiaires qui gardiennent pour le compte de hsbc, ne le sont pas.. et surtout qu'en cas de faillite de HSBC, toutes les barres non allouées pourraient être réclamées par les créanciers de hsbc.. ce que Toussaint et les pontes du WGC doivent savoir ..

www.lemetropolecafe.com


Dave from Denver…
Friday, August 27, 2010


GLD Managing Director Jason Toussaint Does Not Own ANY GLD Shares...


BUT he owns physical gold and mining stocks. Greg in Chicago alerted me to a blog post by Jeff Nielson on seekingalpha.com. It regards an interview of Toussaint on Canada's Business News Network (BNN). As Nielson points out, Touissant admits at the end of the interview that he owns physical gold but does not mention that he owns any GLD. Here is the link to interview - I've linked part 2:
Toussaint = The Big Whiff The relevant comment starts at the 5:44 mark. The 10-K I've linked below confirms that Toussaint indeed does not own ANY GLD shares.

But there's so much more if you listen to both parts of the interview. Let's get the basics out of the way. Jason Touissant is the Managing Director the GLD Trust and principle executive officer World Gold Trust Services, the sponsor of the GLD Trust. All of this information can be gleaned from the GLD 10-K, which I've linked here:
GLD 10-K

Note that on page 76, as Jeff Nielson picked up on from the BNN interview, that NO officers and directors of the World Gold Council or of the GLD Trust own ANY shares. No insiders own shares. Why would that be the case? If GLD is as good as owing physical gold, and is fully backed by physical gold, why would Toussaint admit to owning his own physical gold, but not express confidence in the fund that he oversees by owning some the stock in GLD? We would NEVER own any mining stocks in our fund in which insiders did not own a meaningful amount of shares. In fact, with our junior mining stock holdings, insiders typically own 10-20% of the company.

Now let's get to other interesting aspects of the interview that Nielson did not cover. At the 4:25 mark in Part 2, Toussaint makes the statement that the bar auditor of GLD audits the bars twice a year and physically handles each of the bars once per year. HOWEVER, the auditor, Inspectorate, only looks at the bars in the HSBC vault. As per the prospectus, HSBC has subcustodians with which there is no formal contractual agreement and the prospectus specifically states that no one can have access legally to the subcustodian vaults. Here is the latest inspection report from Inspectorate, the inspection firm:
LINK This particular report describes the semi-annual random sample audit.

This is great that an inspection firm goes into the HSBC vault and samples the bars for authenticity and serial numbers, but what about the bars that are at the subcustodians? And you are asking me to believe that Inspectorate counts all 104,325 bars (the number of bars that would be in the vault as of 8/26) and verifies serial numbers and stamps and reconciles them with the Custodian's records? I refuse to believe that. I would bet that the annual audit is another statistical sample BECAUSE no one is allowed to have access to the subcustodian vaults. In fact, now that I think about it, there have been articles in the recent past which have demonstrated dozens of inconsistencies at GLD and SLV between the actual serial numbers on many of the bars and records kept by the Custodian of each Trust.

Finally, Toussaint makes the statement that the bars are held in allocated form, meaning that within HSBC's vault, all of the GLD bars are placed in a separate holding area and the shareholders of GLD have direct claim to those bars. If HSBC blows up, something that is within the realm of possibilities, the GLD Trust gold is not part of HSBC's asset/liability list. HOWEVER, the prospectus specifically states that gold which is being transported in and out of the vault and the gold which is being held for redemption by an authorized participant exchaning a minumum of 10,000 shares for bars in the Trust, sit in unallocated form. And the bars at the subcustodian are in unallocated form.

The significance of this is that if HSBC blows up, any unallocated bars become part of the claim of the general creditors to the HSBC bankruptcy proceedings, and the GLD Trust has to stand in line with all of the other unsecured creditors to receive payment, if any, on its claims. The Prospectus specifically states that, in the event of an HSBC bankruptcy, unallocated bullion bars could result in material loss to the Trust.

Perhaps this is why no World Gold Council officers and directors, and specifically Jason Toussaint, the Managing Director of the GLD Trust for the WGC, do not own any personal shares of GLD. They know the Golden Truth.



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Mer 2 Fév 2011 - 14:11

en parallèle avec la décrue de l'open interest gold et silver , depuis le plus haut des 1400 gold ..

on assiste également à un déclin important des stocks gld et slv

www.lemetroplecafe.com


Main gold, silver ETFs post major monthly outflows
* Gold ETF sees second largest monthly outflow ever in Jan
* Holdings firm at month-end but 53.6 T down from end-2010
* Main silver ETF holdings drop by most ever as prices slide
LONDON/SINGAPORE, Feb 1 (Reuters) - The world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust , posted for January the biggest monthly drop in its holdings since April 2008 and its second-largest outflow ever.
The main silver ETF, the iShares Silver Trust , also reported the largest ever one-month drop in its holdings in January. The amount of silver it holds fell 495 tonnes to 10,426.43 tonnes, its lowest since early November.
The SPDR Trust, which issues securities backed by physical stocks of precious metal, said its gold holdings edged up to 1,227.153 tonnes on Jan. 31 from 1,224.118 tonnes the previous day, the first rise since Jan. 21.
But they still fell 53.6 tonnes or just over 4 percent in the month as a whole. This accompanied a 6.2 percent drop in spot gold prices , their worst monthly performance since December 2009.
Philip Klapwijk, chairman of metals consultancy GFMS, said that while gold would retain support from low interest rates, concerns over the global economy and waning confidence in paper currencies, ETF outflows may weigh on prices in the short term.
"If there is selling out of ETFs, it will put downward pressure on the price," he told Reuters. "(Though) I don't see this as the big turning point in the market."
SPDR Gold Trust holdings hit a record at 1,320.436 tonnes on June 29. The ETF is still the world's sixth-largest holder of gold after the central banks of the United States, France, Germany and Italy, and the International Monetary Fund.
For details on the gold holdings of the ETF listed in New York and co-listed on other exchanges, click on:
http://www.exchangetradedgold.com/

Following are changes in SPDR holdings:

Jan 31 1,227.153
Jan 28 1,224.118
Jan 27 1,226.546
Jan 25 1,229.581
Jan 24 1,260.843
Jan 21 1,271.769
Jan 19 1,251.433
Jan 18 1,256.897
Jan 14 1,259.325
Jan 13 1,265.093
Jan 11 1,271.467
Jan 10 1,272.682
Jan 7 1,271.164
Jan 5 1,272.682
Jan 4 1,276.472
Dec 30 1,280.722
Dec 28 1,284.062
Dec 23 1,284.973
Dec 22 1,288.616
Dec 21 1,298.029
Dec 17 1,298.940
Dec 16 1,283.757
Dec 15 1,286.187
Dec 14 1,286.794
Dec 10 1,289.830
Dec 9 1,293.778



un des lecteurs du Midas, avance à ce sujet une hypothése fort interessante
<BLOCKQUOTE>Hi Bill,
Re the FOFOA/GLD debate, I would like to toss in another theory to explain the large redemption of physical gold from GLD.

If you assume, for the sake of argument, that there is a large naked short position in GLD, it follows that "phantom shares" have been created and are now part of the pool of outstanding shares. As blocks of shares are redeemed in exchange for physical gold, the "pot of gold" that backs the still-outstanding GLD shares would continue to get smaller and smaller. Carry this to its logical extreme and you end of with no physical gold at all and shares outstanding (equal to the number of naked shorted shares) that can be redeemed for bupkes since all the gold is gone. Then comes the sting -- the shorts (who probably hedged themselves with physical gold) now cover by buying GLD shares that are being dumped for a fraction of any gold-related price.

There may be a gaping hole in my analysis, but it certainly would account for a flight from GLD by anybody who has figured out this game of musical chairs and doesn't want to be left standing when the music stops.
Herb Berkowitz
Anchorage
</BLOCKQUOTE>



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Mer 16 Fév 2011 - 11:38

d'après les sources londonniennes de Kingworlds news, les asiatiques prendraient livraison d'argent métal via ETF argent SLV...comme ils l'ont fait auparavant pour ETF Or gld

ça expliquerait bien, en tout cas, les dégagements massifs rapporté plus haut .. et c'est tout ce que vous voudrez, sauf BEAR ( baissier )



pour slv, etf argent

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/2/15_London_Source_-_Asians_Buying_SLV_to_Take_Delivery_of_Silver.html

pour gld, etf or

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/2/7_KWN_Source_-_Expect_Massive_Chinese_Gold_Buying_Using_GLD.html

à lire absolument, c'est de la bombe !!!!



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MessageRe: ETF Or (GLD) / achat or papier/ danger
par marie Mar 5 Avr 2011 - 0:38

tiens donc ..

ETF Or GLD : plus gros désengagements quadrimestriels, depuis 2004

personnellement, je vois ça d'un TRES beau oeil. , puisque ça confime ce qui a été dit plus haut dans la file
- défiance accrue des investisseurs dans ce type de support .. surtout celui là !
- préférence pour or physique plutôt que promesse d'or physique
- et surement en prime, des demandes massives de livraison par chinois .. comme expliqué précédemment

et je ne crédite pas du tout les raisons évoquées par reuters .. anticipation hausse des taux intérêt par les banques centrales ...
c'est tellement faux leur analyse .. que justement ces sorties GLD n'affectent aucunement le cours du spot à la baisse ..

faudra voir qui est sorti .. Wink

souvenez vous notamment de Greenlight qui avait converti, en juillet 2009, 4.2 millions de parts gld en lingots .. ( voir en page 1 de la file )
ça n'avait pas vraiment été baissier pour le cours de l'or ... comme on veut nous le faire croire, dans cette pseudo analyse reuters


Gold ETF posts biggest quarterly outflow since 2004
*SPDR posts biggest quarterly drop since inception
* Investors seen shifting to other commods, bonds
SINGAPORE, April 1 (Reuters) - The world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust , posted in the first three months of 2011 its biggest quarterly drop since inception as the prospect of interest rate hikes and gains in other commodities drove investors to sell.
The SPDR Trust, which issues securities backed by physical stocks of precious metal, said its holdings stood at 1,211.229 tonnes by March 31, down 5.4 percent from 1,280.722 tonnes in the quarter to December 2010. That represents the holdings' biggest quarterly drop since the trust was created in 2004.
Concerns about inflation, nervousness about the health of the global economy and geopolitical turmoil in recent years have drawn investment into exchange-traded vehicles such as the SPDR, which issue securities backed by physical metal and allow investors to gain exposure to underlying gold prices without taking delivery of the metal.
The SPDR's holdings are equivalent to around half of global annual mine supply and are worth some $56 billion at today's prices.
"There's a likelihood central banks around the world may raise interest rates soon. This could increase the opportunity cost of holding gold and reduce its appeal," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore…
http://af.reuters.com/article/metalsNews/idAFL3E7ET16120110401



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