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Strategies & Market Trends : Natural Resource Stocks
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To: The Vet who wrote (18731)12/9/2004 10:09:13 PM
From: Taikun  Read Replies (2) of 108610
 
Vet,

Frankly, I don't see how you, or anyone else outside Streetracks for that matter, can definitively comment on what goes on at GLD.

If you've read the prospectus, you should know:

1. GLD can hold the gold through custodians
2. Who in turn can appoint sub-custodians
3. Who may use futures instruments and other derivatives in the course of their operations (which, frankly, raises a ton of other questions because if the GLD shares are exchanged for gold at 1/10 rate, there should be zero need for futures)but these positions aren't reported
4.And the gold is not inspected, nor insured.

So, I've got to ask you, did *you* read the prospectus?

T
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