Gold ETFs - Some Perspective by Comparison
For those who would like a summary of the above, the primary criticisms of GLD are: 1. The key custodian, HSBC, can use sub-custodians 2. HSBC is not liable for the acts or omissions of its sub-custodians 3. The locations of the vaults of the sub-custodians are not disclosed 4. Neither the Trustee or HSBC monitors the activities of sub-custodians 5. Recent analysis of the allocated bar listing reveals duplicated bar numbers 6. Long-term capital gains tax rate on GLD is 28% instead of usual 15%
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