Gold Bullion Fund Admits
It May Not Have Gold

From Chris Powell - GATA
Dear Friend of GATA and Gold -
James Turk, editor of the Freemarket Gold & Money Report, founder of, 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 behind 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. Securities 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 here:
Chris Powell
Gold Anti-Trust Action Committee, Inc.



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