Thursday, September 1, 2011

CNBC Attempts to Quell GLD Conspiracy Rumors, Hilarity Ensues

CNBC yesterday ran a cheerleading, anti-conspiracy piece on the SPDR GLD ETF, in an attempt to convince gold bugs that the trust actually holds physical gold. LOL, right?
As can be seen in the photo above, CNBC's Bob Pisani toured the GLD warehouse, and presented this bar marked ZJ6752 as proof that GLD holds the phyzz.
Ok, conspiracy debunked, right?
Well, until somebody had to go and check SPDR's full GLD bar list, and discover that ZJ6752 is nowhere to be found in SPDR's inventory.

Surely the bar was just liquidated from the vault, right? Well, GLD inventory has been essentially flat for the past week, (meaning no inventory adjustments involving heavy gold bars) and Pisani also quotes the inventory as 1200 tonns.  (Translation- according to SPDR GLD statistics, no gold is likely to have left the GLD vaults since CNBC filmed the interview)

So who exactly is the proud owner of that attractive piece of gold stamped ZJ6752?
Hugo Chavez?

Nice work CNBC, you have succeeded in throwing gasoline on the flames of the SPDR GLD conspiracy theories.