David Ranson: Who 'owns' the bullion in a precious metal ETF?

Section:

1:45p ET Tuesday, March 16, 2010

Dear Friend of GATA and Gold:

In an essay written for The AU Report, David Ranson of Wainwright Economics notes that you can never really be sure who owns the bullion claimed by exchange-traded funds. Making a point often made by GoldMoney's James Turk, Ranson concludes that ETFs may be great price-tracking vehicles for trading during normal market conditions, but owning ETF shares isn't the same as owning gold directly. Ranson's essay is headlined "Who 'Owns' the Bullion in a Precious Metal ETF?" and you can find it at The AU Report here:

http://www.theaureport.com/pub/na/5817

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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