Gold ETF's - (Börsen gelistete Fonds)

Dernier Cri für den Uneingeweihten.

Diese monströsen Ungetüme sind nichts anderes als Papier Gold. Sei es dass die Fonds physisches Gold halten, oder nicht - es wird ihnen überlassen was damit geschieht.

Als Fonds - Zertifikat (Anteil) Halter haben sie das Recht auf einen Anteil, aber nicht auf anteiliges Gold. Mit anderen Worten und wie ich es sehe ist es nur die Verlängerung des kaputten Bretton Woods und Nachfolge Spiels.

WGC hat seine schmutzigen Hände überdies im Spiel, was mich von von vornherein misstrauisch machte.

Diese Konstruktion scheint der verlängerte Arm von COMEX (gg. CRIMEX) zu sein.

... Drum prüfe wer sich an diese Substitionen bindet ...

***By Patrick Hosking
The Times, London
Friday, January 28, 2005
http://business.timesonline.co…e/0,,8209-1460595,00.html

One of the largest hoards of gold ever gathered outside
a central bank has been accumulated at a secret address
in London over the past few months.

Gold bars with a value of £1.55 billion are understood
to have been collected in a single vault in an anonymous
building owned by HSBC. If melted into a single block,
the 212 tonnes of solid gold would take up 11 cubic
metres -- roughly the size of a Transit Van.

But the gold is so dense that it would require 104 Transit
Vans to cart it away. The quantity of metal is 21 times the
amount stolen in the Brinks-Mat robbery in 1983.

Ironically, the reason for the accumulation of this hoard is
the popularity of a new gold investment product that does
away with the expense, risk, and hassle of taking delivery
of the metal.

People and institutions in Britain, the United States, and
Australia have been queueing to buy gold-backed,
exchange-traded funds (ETF) -- listed shares tradeable on
the stock exchange but backed by actual gold.

Gold Bullion Securities (GBS), the British and Australian
ETF that listed in London in December 2003, has 60
tonnes of gold in the vault -- a 30 percent increase in the
past four months. StreetTRACKS, its sister ETF in the
United States, which was launched in November, is now
backed by 152 tonnes of gold deposited in the same vault.

Both ETFs are supported by the World Gold Council, the
marketing body for the goldmining industry.

Simon Village, joint managing director of GBS, said:
"Exchange-traded gold has very quickly become an
important investment vehicle for investors seeking
exposure to the metal or seeking to diversify their
holdings in other assets."

In the past 12 months, 7.5 percent of the world's
goldmine production had gone into ETF products,
Mr Village said.

Barclays yesterday launched a rival gold-backed ETF
on Wall Street using Bank of Nova Scotia as custodian.

Gold-backed ETFs closely track the physical gold
price, less a small commission for administration and
gold storage costs. Additional securities are created or
old ones redeemed so that supply matches demand.

Most of the demand has come from institutional
investors. Strong publicity for the streetTRACKS
product in the US has boosted demand, as has the
slide in the gold price during the past few weeks,
which some investors see as a buying opportunity.

The gold stockpile in London is said to be secure.
But it is not clear what would happen in the unlikely
event that the hoard was stolen.

GBS does not insure the gold and said it is HSBC's
responsibility to keep it safe. Investors might have to
rely on a claim against the bank in the unlikely event
of a robbery, GBS said.

HSBC is under no obligation to insure the gold. But
the bank said it would be responsible for any gold lost
through its negligence, fraud, or willful deceit. ***

... Oh, sure - we don't insure, but will take responsibility in case (of bankruptcy protection), Ha! ... You've got to love these Jokers for their
acumen.
Das OPEC Kartell kann von den Bankern noch Einiges lernen.

Einige Punkte, die mir interessant erscheinen - kurz gefasst.

Noch einmal zu Gold ETFs - Scheint mir nicht so zu sein, dass diese Fonds ausschliesslich physisches Gold halten - sondern mehrheitlich Futures. Im Prinzip dieselbe Gaunerei, wie Crimex.
POG scheint damit konform zu sein ...

***Having the privilege of holding the key to the
GATA dispatch list, I sometimes will take the
liberty of attaching introductory comments to
these stories and commentaries, or just wisecracks
and sneers, to put GATA's spin on them or to try
to unspin them. Sometimes this may go too far,
and sometimes the omission of comment may be
negligent, as with yesterday's dispatch of the
London Times story about a secret vault at an
"anonymous" building in London occupied by Hong
Kong Shanghai Banking Corp. The vault was said
to hold bullion owned by the new exchange-traded
gold bullion funds.

This was too much for GATA Chairman Bill Murphy,
who replied:

"This is really bugging me. I know I am
prejudiced, but how can it be that we have had
this supposedly massive buying of gold for the
EFTs and the gold price has gone nowhere over
the past couple of months? It makes no sense.

"How can it be that the speculators are leaving
the Comex in droves and yet are supposedly buying
the ETFs like crazy?

"How can it be that even Mitsui's Andy Smith,
GATA's antagonist, smells a rat with the EFTs?

"How do people explain all this gold demand with
no rise in the gold price, on top of the documented
demand in the Middle and East and India?

"Why doesn't anyone else ask these questions?"

GATA consultant James Turk, founder of GoldMoney
and editor of the Freemarket Gold & Money Report,
concurred:

"I think this article in The Times is complete
nonsense. The GLD exchange-traded fund does
not disclose where its gold is stored. To assume
that it sits somewhere within HSBC is pure
speculation, just as it is pure speculation that it
even exists at all, given that GLD's gold held by
subcustodians and sub-subcustodians is not audited.
And for all we know, all the gold may be stored
with HSBC.

"Unfortunately, like so many things concerning
gold, we have to appeal to logic, as central banks
make it nearly impossible for us to find the
essential facts. Consequently, ignorance about
gold prevails, because rather than spend some
time thinking and working to analyze gold, the
public swallows stories like this one hook, line,
and sinker."

Also dispatched to you without comment
yesterday was a Reuters story reporting that
a German delegate to the economic conference
in Davos, Switzerland, expressed support for
a vague British proposal to use gold owned by
the International Monetary Fund to finance
debt relief for poor countries. We've been over
this stuff many times but perhaps not lately,
so here goes again:

1) Of course IMF gold sales, leasing, and
revaluation aren't necessary to finance debt
relief; Western governments could simply
cancel any debts without any golden legerdemain.

2) If the IMF and central banks tire of holding
assets in gold, they can sell them or lease
them at any time; they hardly need to relieve
themselves of their gold under the supposed
pressure of developing-world debt.

3) Most likely the recurring talk by the IMF
and central banks about gold sales is, like
the sales themselves, simply a disguise
for writing off as sold the massive amounts
of gold that already have been leased and have
left central bank vaults and cannot be recovered
in any practical way without triggering a short
squeeze that would collapse the bullion banks
that have been the central banks' eager agents
in the gold carry trade, which is also the
currency support trade.

4) As Turk implied, the whole world financial
system has come to be based on the concealment
of the amount and location of gold held by

central banks and governments. That is, gold
is the secret knowledge of the universe, and
the control of its price is the foremost lever
of political power.

5) While remaining central bank gold reserves
are not known exactly, because of gold leasing
they are vastly smaller than reported reserves.
That is probably why the central banks seem to
be staging a controlled retreat with the gold
price -- allowing it to rise steadily but
gradually lest they exhaust their reserves and
lose their grip on political power.

6) If they have enough gold left and want to
spend enough of it, central banks can drive
the gold price down $50, $100, $200, or all the
way back to $35 per ounce -- for a while, but
not for long. Indeed, the lower they drive it,
the faster they will exhaust their reserves, not
just because of their own spending of gold but
also because their lower gold price will cause
a curtailment in gold production by mines. This
curtailment is already well under way, since an
equilibrium price for gold -- a price that matches
production costs (including exploration costs) with
demand -- is likely to be above $600 per ounce. A
price that restored any sort of realistic ratio
between gold and the volume of fiat money in
circulation would be quite beyond that.

7) GATA doesn't know exactly what is going to
happen. We advocate free markets in the precious
metals and seek to explose the rigging of the
metals markets. We're not investment advisers.
But when the fiat hits the fan, as it always
does, nothing will have changed about the
enduring value of the metals, except that they
will be better appreciated.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

@ Silbertaler

Warum so kompliziert?

Durch den WGC geförderten GOLD ETF an der NYSE zu Listen - der lange gebraucht hat die behördlichen Hürden zu überwinden - ist es müssig darüber nachzudenken, ob Du physisches Gold kaufst oder Papier.

Es ist auch müssig darüber nachzudenken, ob der ETF dem POG folgt oder gehorsam vorauseilt! Der ETF hat kein physisches Gold in welchem Verhältnis auch immer - sondern beinahe nur paper promises und ist somit WERT-los!

Andernfalls, wäre ein ETF Zertifkat in physisches Gold einttauschbar - wozu also dieses ganze komödiantische Schmierentheater?

Forgot to share this quote ...

"GLD shares are only available in book entry form. Only authorized… Anmelden oder registrieren