This is interesting, but apparently somewhat tentative, which is understandable given the nature of the subject.
I am not in a position to assess it quite yet, but I thought it was worth sharing to see what you all might think. I intend to follow this closely and spend more time looking into it. Today I am preoccupied with the wonders of the healthcare system.
I find the opacity in these exchanges and funds to be somewhat frustrating as I am sure many do, as well as the lack of detailed independent audits and full and timely disclosure, especially with regard to what might be considered to be public information.
But still the effort can be made to untangle things as best we can.
Here is a summary of key points by Mr. Ferguson of the analysis.
"GLD was "funded" with gold leased out (sold) by the BoE and SNB.Read the entire article here.
With everything going on, not only are those entities no longer willing to provide supply, they're actually taking their gold back before it's too late.
Holders like Paulson and Soros are the "fly in the ointment" as they have a GLD claim on the same gold that the BoE and SNB claim as their own "leased" assets.
We are witnessing a managed, slow-burn "run" on the London vaults, where supposed "allocated" gold rests for entities worldwide but this gold has instead been leased out, not only to the GLD, but sold into the market and currently dangling around the necks and wrists of Asians as well as being recast into 1Kg Chinese bars."
I would imagine it would be fairly easy for GLD to address any mistakes in this with a clear statement with regard to any claims or counterclaims on its bullion.