“The amusing denouement to last September’s CNBC fiasco
falsely claiming on camera a particular gold bar in the depository GLD uses
belonged to that entity is (below). Apparently it belonged to ETF Securities,
All power to the Internet!”
The following detailed description of
the CNBC fiasco provides yet another justification for Investors adopting a
Healthy Skepticism of MSM “News”.
“*UPDATE: We have now confirmed that the ‘GLD’ bar
marked ZJ6752 is listed in the bar list for the EFTSecurities
fund, as stated by Ned Naylor-Leyland. Screen shot of the EFTS bar list
including bar ZJ6752 is included below.
“We now have indisputable evidence that the gold bar held up
by Bob Pisani as a ‘GLD’ gold bar is
actually owned by ETF Securities!!
“The Doc spoke with Cheviot Asset Management’s Ned
Naylor-Leyland Sunday regarding the Euro-zone crisis and the €100
billion Spanish banking system bailout announced this weekend, extreme supply
constraints in the physical bullion markets, the new allocated silver
exchange launching in China this summer, and gold rehypothecation
“Ned provided some explosive details regarding the infamous GLD