GLD continues to source gold at the Bank of England, at an escalating rate

By Ronan Manly

The latest SEC filing by the SPDR Gold Trust (GLD) released this week contains the bombshell detail that the world’s largest gold-backed ETF is increasingly resorting to sourcing gold bars at the Bank of England. At least 70 tonnes of gold and possibly up to 150 tonnes.

With GLD and its custodian HSBC resorting to such tactics and interfacing with the murky world of central bank gold lending, the questions should be asked is the London gold market running on fumes? Continue reading…