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Simon Black : Gold ETF に手を出すな。誰も責任を取らない仕組みになっている。

はじめに


・Gold ファンの中でこの話を知っているのはごく少数の筈。

一部引用



Here’s every reason to avoid buying a gold ETF


This is directly from GLD’s report:

“The Custodian’s selected subcustodians may appoint further subcustodians.”

“These further subcustodians are not expected to have written custody agreements with the Custodian’s subcustodians that selected them.”

This is where it gets really ridiculous:

“[T]he Custodian does not undertake to monitor the performance by subcustodians of their custody functions or their selection of additional subcustodians and is not responsible for the actions or inactions of subcustodians.”

In other words, the gold could end up with some sub-sub-sub-custodian. No written agreement is required.

And, even though the primary custodian (HSBC) is receiving handsome fees, they have no obligation to monitor the sub-custodians, nor can HSBC be held responsible if someone screws up.

Moreover, the report states:

“The Custodian and the Trustee do not require any direct or indirect sub-custodians to be insured or bonded with respect to their custodial activities…

“Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance or any insurance with respect to the gold held by the Custodian on behalf of the [ETF].”

So, not only is there zero requirement to even have a written agreement before storing your gold with some sub-custodian, there’s also no requirement to insure the gold that they’re storing.

Here’s every reason to avoid buying a gold ETF | Sovereign Man - https://www.sovereignman.com/investing/heres-every-reason-to-avoid-buying-a-gold-etf-25548/


(2019-09-14)
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