This may have eased some suspicions, but some are still concerned. Some people suspect that the GLD ETF may not have sole ownership ties to these bars of gold due to central bank gold leasing programs in addition to the fact that there isn’t enough physical gold in the world to back the volume of daily paper trades in the gold futures and options markets.
September 9, 2011
- Sponsor: World Gold Trust Services LLC, a “wholly owned subsidiary” of The World Gold Council
- Trustee: The Bank of New York Mellon
- Custodian: HSBC. (Named after its founding institution, The Hongkong and Shanghai Banking Corporation Limited, back in 1865.)