Conspiraciones relacionadas con el Oro

We recently had the opportunity to talk to Tim Coyne, Global Head of SPDR ETF Capital Markets Group, about the famed SPDR Gold Trust (NYSEARCA:GLD).

cHQ: How do you respond to the conspiracies that GLD does not actually hold physical gold in HSBC’s vaults, GLD’s custodian?

TC: This is probably the number one question we get, and I assure you the gold is real. There are four parties that are involved in GLD: the World Gold Council is our sponsor, the World Gold Trust Services is the issuer of GLD, State Street Global Advisors is the global marketing agent, and Bank of New York Mellon is the trustee. HSBC London is the custodian of the fund, so that is where all the physical gold actually resides. Essentially the way the creation redemption process works is there are over 20 authorized participants who are able to create shares directly with the trust, and delivery is in kind, so there is no cash creation or redemption.

There is a complete gold count once per year and a random count at some point during the fiscal year; all of this is documented and shared on the website, spdrgoldshares.com. Investors can actually see the certificate bar number of all of the bars that are held in the allocated account. That the gold in the trust is allocated is an important point because it lets you know the bars are specifically for the GLD trust, not just for HSBC. There is a large amount of information on the website for investors to make the product as completely transparent as possible.