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Systematic fraud or gross incompetence?
Tuesday, July 28, 2009
Earlier this afternoon, a report(.pdf) was released by Project Mayhem Inc., a wholly owned subsidiary (perhaps?) of uber-blog Zero Hedge, detailing rather large anomalies found in the silver bar inventories for both the giant $4 billion iShares Silver Trust (NYSEArca:SLV) and a similar product from London-based ETF Securities.
Silveretfs 1 PDF
Clearly, 12 percent duplicates is far too high a number. It would be interesting to see what the SPDR Gold Shares ETF(NYSEArca:GLD) looks like - they're probably working on that.
3 comments:
This http://seekingalpha.com/article/149209-are-gld-and-slv-legitimate-investment-vehicles is one of the better articles I've ever read from Seeking Alpha. J.S. Kim substantiates quite a few rumors that I'd normally just think are conspiracy theories.
Interesting
The Kim article was quite good, but what is really needed to move beyond the "what ifs" is for someone to come forward and say, "I did this" or "I was coerced to do that". Until then it will only be supposition.
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