All That Gold Is Really in the Gold ETF, Right?
Source: Seeking Alpha, Tim Iacono (9/23/08)
The inventory at the SPDR Gold Shares ETF (GLD) made a new all-time high yesterday at 710 tonnes, exceeding the level of 706 tonnes reached on just two days in July.
The world's most popular gold ETF now has its sights set on the Bank of Japan which currently holds down the #7 spot on the World Gold Council's Official Gold Holdings at 765 tonnes. After that it's Switzerland at #6 with over 1,100 tonnes...
Hopefully, all the gold they say is being held for the ETF is really there. According to this report from Vietnam.net, they're having some problems in Saigon delivering gold to buyers on the paper market who then go resell the metal on the physical market where it fetches a higher price.