Gold & Silver Mining Index (XAU) Falls Out Of Bearish Pattern
It’s been a heck of a year for precious metals. Through 3 quarters this year, Gold (NYSEARCA:GLD), Silver (NYSEARCA:SLV), and the miners (INDEXNASDAQ:XAU) were big time out-performers.
HOWEVER, those good vibes have been lost on investors during the first few days of trading in October. In short, the precious metals sector has been hit hard in early October.
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If you would like to stay abreast of the Power of the Pattern in the metals space, would be honored if you were a more
"Through 3 quarters this year, Gold (NYSEARCA:GLD)"
As someone doing his due diligence into SPDR Gold Trust (GLD), I'd really like to know why I'm seeing the following clause in the GLD prospectus: "In addition, the Trustee has no right to visit the premises of any subcustodian for the purposes of examining the Trust's gold or any records maintained by the subcustodian, and no subcustodian is obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such subcustodian." What is the purpose of this audit loophole? Additionally, the GLD organizations promise that this fund is 100% backed by actual physical gold but yet they absolutely refuse to give retail investors the right to any of their claimed physical gold. I've also verified the following from talkmarket comments and welcome everyone else to verify for themselves:
"CNBC's Bob Pisani made a highly publicized visit to GLD's gold vault in a segment called Gold Rush: The Mother Lode. GLD's administration organized this visit to show that GLD's gold actually exists. However, the gold bar held up by Mr. Pisani showed a serial number of ZJ6752 which did not show up on the latest bar list during that time. It was later found that this "GLD" bar actually belonged to ETF Securities."
"Did anyone try calling the GLD hotline at (866) 320 4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I asked about how much of the gold was insured, the representative proceeded to act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors."