SPDR Gold ETF Director Holds ‘Physical’ Bullion – Not The ETF (NYSE:GLD)

Regular readers know that I have a strong appetite for famous clichés, and other time-tested “pearls of wisdom”. Among such timeless pieces of wisdom is the old adage that “actions speak louder than words”. It is in that light that I listened with great interest to a BNN interview with Jason Toussaint.

He is the “Managing Director” of World Gold Trust Services. This subsidiary of the World Gold Council is the operator of the massive, “bullion-ETF”, the SPDR Gold Trust – more commonly known by its symbol: “(NYSE:GLD)”. We would naturally expect this (NYSE:GLD) executive to be an investor in the gold market, himself. Thus, he was asked at the end of his interview to disclose his own precious metals holdings.

After just a momentary hesitation, Toussaint replied that he held “physical bullion” and the equities of precious metals mining companies. Did anyone notice anything missing from his holdings? Perhaps the believers in (NYSE:GLD) would have hoped/expected that the WGC executive directly in charge of (NYSE:GLD) might actually hold some of the $50 billion in (NYSE:GLD) units?

While I have provided readers with numerous reasons to shun these banker-shams (most recently in “The Seven Sins of GLD”), obviously none of these individual reasons could be as damning as the admission by the “Director” of this fund that (as a gold investor) he doesn’t hold his own market product.

For those readers who are used to much longer commentaries, my apologies for cutting this one short, but as I said in the beginning, “actions speak louder than words…”

Written By Jeff Nielson From Bullion Bulls Canada

About Jeff Nielson: I became seriously attracted to the precious metal sector around the middle of this decade – through my own, personal investing. After publishing an amateur blog for about a year, I became acquainted with C.J. McNamara and we decided to form Bullion Bulls Canada at the end of 2008.

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