Video By:
Chris Marcus
Monday, February 5, 2024 1:47 PM EDT
Silver investors often wonder why the miners sell their silver to the COMEX rather than going straight to the end user.
Silver Is Your Inflation Protector
#Silver is a must own. I prefer physical, but I do love miners. Commodities over the next 20+ years will do just fine. $GLNCY, $GOLD, $SILJ and $NAK.
The Best ETF To Profit From Gold
Moby, thank you for your insight into $SILJ. I've been looking for an alternative to $GLD ever since I did my due diligence into that fund and found it to be quite shady. GLD so famously claim that they are 100% backed but obstinately refuse to give investors access to any of the 'claimed' gold. Why? There are many profitable gold selling businesses in the world. GLD could even charge exorbitant fees for delivery of said gold but they don't for some strange reason.
The frequently referenced GLD subcustodian audit loophole makes me question this fund even more. What guarantees do we have that they have not leased the gold from someone else? i.e. HSBC. Are they leasing it to someone else? How many claims are there on the gold aka hypothecation? GLD's structure seems to be deliberately vague and intentionally flawed. GLD's custodian, HSBC, with their long history of fraud certainly do not inspire confidence either.
For anyone interested in GLD but have not heard about CNBC's Bob Pisani's visit to GLD's #gold vault, I recommend checking it out. His visit is documented in a segment called Gold Rush: The Mother Lode. This entire segment was organized by GLD's management to prove that their gold actually exists but the gold bar held up by Mr. Pisani displayed a serial of ZJ6752. This serial did not show up on the latest bar list during that time. Cheviot Asset Management’s Ned Naylor-Leyland discovered that this "GLD" bar actually belonged to ETF Securities.
Note that even on the subject of GLD's questionable insurance, they are not at all straightforward about it. Their representatives will not confirm nor deny the existence of GLD's insurance. I recommend anyone curious about this to confirm via calling GLD's publicly listed number for general inquiries at (866) 320-4053 and ask about this clause from the GLD prospectus: "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." Exactly how much of the fund is insured? They will not give you a straight answer and might even throw in some bizarre excuse which I've experienced. Why hide this information from investors? The people behind GLD certainly do not seem like the most honest types.