- Dear Friend of GATA and Gold -
- James Turk, editor of the Freemarket Gold & Money
Report, founder of GoldMoney.com, and consultant to GATA, has analyzed
the World Gold Council's new bullion fund on the New York Stock Exchange
and found that it provides no assurance that there is really any gold
its shares. Indeed, Turk finds, the bullion fund acknowledges that its
purpose is not to own gold on behalf of its shareholders but rather to
"track the price of gold."
- Thus the bullion fund starts to look like another scheme
by the financial establishment to divert demand away from real metal and
into another paper derivative.
- Turk urges GATA supporters to inquire of the U.S.
and Exchange Commission why the bullion fund was approved for sale when
it admits that it has no control over the assets it claims to have.
- This is the first comprehensive analysis of the bullion
fund and thus should be closely read by all partisans of gold. You can
find it at GoldSeek.com here:
- Chris Powell
- Gold Anti-Trust Action Committee, Inc.