*UPDATE:  We have now confirmed that the ‘GLD’ bar marked ZJ6752 is listed in the bar list for the EFTSecurities fund, as stated by Ned Naylor-Leyland.
Screen shot of the EFTS bar list including bar ZJ6752 is included below.
We now have indisputable evidence that the gold bar held up by Bob Pisani as a ‘GLD’ gold bar is actually owned by ETF Securities!!

The Doc spoke with Cheviot Asset Management’s Ned Naylor-Leyland Sunday regarding the Euro-zone crisis and the €100 billion Spanish banking system bailout announced this weekend, extreme supply constraints in the physical bullion markets, the new allocated silver exchange launching in China this summer, and gold rehypothecation concerns.

Ned provided some explosive details regarding the infamous GLD gold bar presented by CNBC’s Bob Pisani which was quickly discovered NOT to be on the GLD’s bar list.

Ned reveals the ACTUAL OWNER of the gold bar shown on CNBC, who HAD NOT GIVEN PERMISSION to CNBC or to Bob Pisani to handle their bullion, and was shocked to see Pisani claim their bar as part of the holdings of the GLD!

In Ned Naylor-Leyland’s words, ‘this tells you EVERYTHING YOU NEED TO KNOW ABOUT ETF’S!!
First, for those who are not familiar with the CNBC story:

As our readers are well aware, it was quickly discovered that the gold bar held up by Pisani in the interview stamped ZJ6752 was not included in SPDR’s gold bar list.

The story almost immediately went viral, but CNBC went silent on the issue over the actual ownership of the gold bar held by Pisani.

 

This is what Ned Naylor-Leyland had to say today, regarding the recent concerns that the GLD’s gold holdings are actually swaps from the LBMA,  and whether investors will one day soon wake up to discover that the bullion they thought they owned is really rehypothecated paper:

I’ve been saying that to clients, to potential clients, and to my colleagues in London and in the investment world since 2003-4!  Effectively, you MUST BE CAREFUL WHICH VEHICLE YOU USE!!
There’s no question that at some point this is going to be a HUGE problem!

You’ll remember that amazing video interview with Bob Pisani that CNBC ran where they went into GLD’s vaults in London- I’m sure you saw that Doc.  You know they took his mobile off him and he ended up in the vaults and he held up this bar and he said ‘this is the kind of thing that GLD holds custody for you!’    And then immediately everyone jumped all over it and said ‘wait a minute, that bar isn’t on the bar list!’

Now I don’t know if you know this, but they never said anything about that- they basically went all quiet on that issue.

About three weeks after it happened, I happened to have ETFS (EFT Securities), which is another ETF product company come into see me at Cheviot.  Quite why they wanted to pitch a gold ETF to me is anyone’s guess because they should have known that it wasn’t exactly going to be a success, but we had an interesting chat, and I brought up some problems with ETF’s, and I mentioned this video to them and I asked them whether they’d seen it.  They said no, they hadn’t, but that sounded quite interesting, could I forward it on?

So I forwarded that to them and said ‘I’m very interested to have comment from you on what you think about this’.

I got an email back which stated ‘That was interesting, and what’s even more interesting is IT’S OUR BAR!

So let’s clarify.  He (Bob Pisani) was actually holding up a bar belonging to a separate ETF, WITH NO PERMISSION FROM THEM!!  To me, that tells you everything you need to know! 

We’ll let our readers take a moment to put 2 and 2 together:
Consider the fact that the gold bar held up by Bob Pisani who was supposedly standing in the GLD’s vault is ACTUALLY OWNED BY ANOTHER ETF, ETFSecurities, and the implications considering the GLD’s prospectus allows for gold swaps, and Harvey Organ’s research incidates the GLD’s gold is swapped/rehypothecated from the Bank of England!!

*Furthermore, bar# ZJ6752 has been confirmed as a bar on the EFTS’ gold bar list:
http://www.etfsecurities.com/msl/bar_list.zip
In XLS go to tab GBS Gold, then scroll to row 8706.

Can you say gold rehypothecation? 

The Doc’s full interview with Cheviot’s Ned Naylor-Leyland covers the Spanish bank bailout (Ned states contagion is here), his outlook on gold and silver, and an update on the 1:1 allocated silver exchange he is working on with Andrew Maguire.

  1. Ok we know this, we also know nothing will happen. Even when a rush to get the phizz and the fraud is exposed, nothing will happen. Nobody will get any of there gold, nope wont happen, ass out, to bad, sorry,

    You should have known if you don’t hold it you don’t own it. SORRY!
  2. While We’re Waiting For This Interview To Be Released, Let’s Find Out What Hitler Say’s About My Getaway: (Anyone Who Did Not Bring Me Cheese Whiz, Leave The Fucking Room Now!—HAHAHA!)

  3. Shorts are getting smoked.  Futures are up 195 pts.  Euro is at 1.266.  Everyone was shorting the euro, man they are getting destroyed.  How in the hell can you trade this market.  A 100billion euro line of credit to broke ass country in Spain makes the market react like this. 

  4. Duck: “How in the hell can you trade this market.”-–very amusing!—Get Ready For OOOOOOPERATION TWISTIN’! SHAKE IT SHAKE IT SHAKE IT BAYBA!—Ray Says—”As Usual, I Gotta Take An IOU—Yep…AHHHHHHHHHH!—PRINTIN’ SHAKE IT SHAKE IT SHAKE IT BAYBA!

  5. There’s a little tip I saw yesterday  Watch the VIX.  Depending on how Greece exits the Euro, if the Grexit is messy (A foregone conclusion) the VIX will 80. The last time the VIX hit 80 the Dow went from 12,000 to 6,000 in late 2008.  It was crazy.  banks failing like crazy.  Watch the VIX.  It is the trip wire.  IMO

  6. @SB;

    Because you sound more American than a lot of her citizen. You know more of her history than a lot of her citizen. You speak in her defence more than a lot of her citizen. Dam it you must be an American.
    Ether that or we just need more immigrant  like your self hear.
  7. They subordinated the bonds in Spain just like what they did with Greece.  Forcing the private sector to take 3% instead on 6% for the 10-year bonds in Spain.  Zerohedge was spot on about the UK-Law bonds vs the sovereign bonds.  Hedge funds will be loading up on the UK-law bonds and shorting the sovereigns and then buying CDS against the sovereign bonds.  UK-law bonds cannot be subordinated since they are under different rules.  Who hold the UK-law bonds will hold the power to control a better deal.  Once again the private sector got the shaft and the ECB take no hits.  The yields will go down briefly but the private sector will be non-existent  in buying the non-UK-law bonds.  Yields will quickly rise and the problem will only get bigger and larger.  How this isn’t a default is beyond me.  ISDA will never rule this a default because of the derivatives.  Spain just became Greece today like zerohedge pointed out.  All of this makes the futures go up 170 pts at the open.  There in no chance in hell that this is any solution to the problem.  Another temporary duct tape job by the ECB with no  long term solutions.   How in the hell is the euro up?  They just added more debt to a broke ass country!  This strengthens the currency?  What a crazy world we live in when nothing makes sense.  Good luck with markets and trying to figure them out.  My problem is that I try to use logic and reason.  That’s my fault.

  8. 427–Thanks For Reminding Me—I had guessed that we’d need to see at least 25,000 contracts traded—obviously, not in globex, on an up candle to get a rise above $29—so resistence at this level is interesting indeed.

    Tomorrow—we’ll need to watch this—BTW, 25,000 contracts was just a guess level where a minor breakout of a local volume resistance level in that raided down-volume chart on Friday could indicate that a minor up trend could be confirmed.

    Remember, there were about 150,000 contracts in all during that raid to be absorbed—It may be that this little $29 resist will be as much as we see for an up swing.

  9. AGX, I read about the VIX at 80=Dow down by 50% as well.  I’m still interested if the 10-year  bond.  I think it’s the most telling of what the market will do.  Last week, the markets were up but the 10-year was still around the 1.60 mark.  Still huge amounts of money parked in treasuries.  If the dow goes past 12800 and the 10-year is still trading in the 1.60′s, we have a problem.  VIX at 80 and the dow at 6k, the 10-year would be a 1%.  Jim Willie was saying the 10 year could reach 1%.  The next two weeks will be crazy.  Greek election on the 17th.  FED meeting on the 20th.  I think Iran gets kicked out of SWIFT on the 27th.  You better have a iron stomach trading the markets in the next couple of weeks.  It’s going to get wild.

  10. LMAO Hi! 427 you would be surprised how many foriegners like myself and SB know American History, that subject is pushed in the schools overseas and not like here where their trying to change the Constitution from a Republic to a Democracy. It’s really sad and the kids here don’t have a clue.

  11. Ya Jake the chart looks like a beach ball trying to pop the surface.

    M45 You mean the Re-righting of our history made up or deleted at the Texas School Book Depositary. I never understand Why or How they need any debat what to put in the books. How about just the truth!   
  12. 427 Thanks, I will take that as a compliment. 

    In my opinion the buck stops with America. If we fail to get the America of old back, the America that was built on Western Christian civilization and its values, Western man will pretty much disappear into the Abyss. Many people here in South Africa have no time for Americans, always complaining about the cocky Americans, this and that. I always come out in your defense, because I know that many of you are the descendants of those that once stood firm and in defiance of tyranny, those who laid the foundation for one of the greatest nations on earth. Yes, America is probably close to its lowest low at this stage, but I have an unshakable confidence that the Sons of God with His help will once again rise up and conquer America. I am looking forward to that day and will truly feel blessed if I can live to be a witness of such a joyous event. This might sound corny, but that is what I am hoping for… a restoration of the Amerika of old.

    P.S. You’re welcome in regards to the link.

  13. I agree with the truth 427, but unfortunately, there are three sides to every story. There’s what he said and what she said and then there’s what really happened so truth in history will always be questionable.

  14. Market Manipulators Using Spain News To POMO Market

    Spain’s Premier Steps Up in Debt Crisis, With Caveats

    EURO UP BIG


    By RAPHAEL MINDER

    Published: June 10, 2012

    MADRID — Spain’s agreement to take a European bank bailout pushes the country into a pivotal role in determining how — and if  — the euro zone can survive its debt crisis.
    Central to any solution will be Prime Minister Mariano Rajoy, who spent
    his first six months in power denying that a bailout would be
    necessary.

    Prime Minister Mariano Rajoy at a news conference on
    Sunday where he said Spain’s bailout deal would help “the credibility of
    the European project.” He added,”Nobody pressured me.”Adding to European uncertainties, Mr. Rajoy tried to persuade Spaniards
    on Sunday that the decision to accept the $125 billion bailout was
    neither a concession to European pressure nor a recognition of the
    gravity of Spain’s crisis, and that it would not carry any of the onerous conditions of austerity that have roiled Greece. READ MORE

  15. Yes, there may very will be three different sides to every story (or even more), but that doesn’t take away from the truth, which will remain forever. Needless to say, it is erroneous to assume that all sides to a story are based in truth, just as it is to assume that all sides of a story are based in lies. It takes time, but it is not impossible to prove which sides are based in truth and wish sides are based in lies.

  16. Marchas45 lol I am no intellectual, but I know a lot of the stuff is based in common sense. Unfortunately common sense is not so common nowadays.

    lol Like silver, common sense will once again become common and most valuable when the shit hits the fan, because then people will start asking the right kind of questions and accept the correct answers. They will quickly learn that the truth can be a bastard, especially if it finds out that you’ve denied its existence. I mean take the truth in regards to silver, a person can choose to reject it and tell him/herself it is not the truth but a lie. However, chances are great that the truth will come and claim its pound of flesh somewhere down the road. La La Land and Never Never Land will then disappear like morning fog embraced by the sun, especially when hunger and starvation sets in.

  17. This Is Sunday!—I Think You People Need A Little Churchin’ Up! I Want You Guys To Open Up Another Window Of Silverdoctors and Keep This Playin’ In The Other—Chris Is A Genius –Toward The End He Breaks Into A Blues Brothers Triple-Rock Tune—Sit Back…. Look At The Threads And Listen At The Same Time—It’ll Do Ya’s All Good! Blues and Gospel At It’s Finest!

  18. ha ha ha Jake I love lucy has to be one of the all time grate TV shows if not the top.

    40oz I do not feel one should ever compromise the truth. Yes some times the truth may not be known yet. But to change the truth that is known, for an agendas or politicly correctness. Is no better than hitler burning book to hide the truth.
    SB, I did mean it in no other way but as a complement. Not all that is new to this country is bad. However since Clinton this country has changed in ways that one can not recognize her. Hopefully she will be restored soon. It only takes a big mess like what were looking at for americans to rise the sleeping giant.   
  19. Europe Is Fixed (For A Few Days)–LOL!

    Forex: EUR/USD remains well bid, Greece lurks

    FXstreet.com (San Francisco) – The EUR/USD opened up 1 percent from
    1.2498 late Friday to 1.2638 at the Asian opening this Monday as markets
    have responded positively after news that EU authorities have agreed to
    a 100B euros bailout of Spanish banks. <—Ummm…125 Billion Euros–LOL!

    The positive sentiment after the Spain news may continue for the next
    few days, but as we near the end of the week, market focus is expected
    to return back to the Greek elections on the 17th. <—Buying Time!—It’s So Ridiculous!
    <–Why Do They Do This?—Because There’s No Other Solution!

    From a
    technical standpoint, “In the 4 hours chart the upward momentum is quite
    strong also, with 200 EMA around 1.2720: acceleration above this last
    should point for stronger gains towards the 1.28 area in the upcoming
    couple of days,” comments Valeria Bednarik, Chief Analyst at FXstreet.com.<—Who Cares About TA?—LOL!

    If the pair pushes higher in the hours ahead, resistance levels lie at
    1.2685, 1.2720 and 1.2750, while support levels lie at 1.2625, 1.2585
    and 1.2550. READ MORE

  20. 427—I’m One Of Those Who Has Tremendous Sadness about certain things. Now—this vid reminds me of the tragedy that happened to Marvin…So Listening to his music makes me forget that when I think about it…His Father actually killed him…can you believe that?—anyway…I looked for a better version of this IMO…of course…lets listen.:

      

  21. He got Into An Argument—His father Had A Gun—I Believe A Shot Gun—He Told Him His Lyrics Were Too Explicit—I believe It Was Right After This Song—This Is A great Song…

  22. OK—Here’s The Real Story—It Still Makes Me Sad–This Type Stuff reminds me of certain things—John Lennon, For One—It Was So Unnecessary.

    On Christmas Day, 1983, Marvin gave his father an unlicensed .38
    to protect him from probable intruders. On April 1, 1984, Gaye was
    fatally shot by his father after he intervened between his parents in a
    screaming dispute over misplaced financial documents. Marvin’s father
    later pleaded guilty to voluntary manslaughter and was sentenced to five years of probation after accepting a plea bargain.

    Marvin Gaye died one day before turning 45.[28][2

  23. Jake WoW! His father clearly had issues.

    427 I agree and not even to speak about the music the world miss out on with so many grates who are still alive, but who do not fit the MSM profile.

    Guys, I am off to bed. Check you later. Take care.

  24. You Want Sad—I’ll Give You Sad—Why Am I Doing This?—To Heal?—Maybe.

    These Performers Are The Greats–This Is Stevie Ray Vaughn’s Very Last Performance. Hours After This, He Asked Eric Clapton If He Had To Leave Early. Eric Said He Could Take A Later Flight. Stevie took His Seat. The Plane Crashed And Stevie Was Killed. Ironically, The Last Song Was Sweet Home Chicago—Do You Believe That? So…Why…Does This Stuff Happen?-

    I Was At A Pink Floyd Concert And Met Bill Graham in 1976.—A Guy Next To Me Called Out—(We Were All Smoking Joints)—Hey Bill—Come Up And Talk To Us. He Came Up And We Talked About Pink Floyd…He Was Killed In A Helicopter Crash. Why Does This Stuff Happen?

    Graham was killed in a helicopter crash near Vallejo, California on October 25, 1991, while returning home from a Huey Lewis and the News concert at the Concord Pavilion. Graham had attended the event to discuss promoting a benefit concert for the victims of the 1991 Oakland firestorm, after a large portion of the Oakland/Berkeley Hills
    area burned. Once he had obtained the commitment from the News to
    perform, he returned to his helicopter, which crashed shortly after
    take-off, just 20 miles from the concert site.

  25. Marchas45 said… “LMAO Hi! 427 you would be surprised how many foriegners like myself and SB know American History

    -  -  -  -  -

    And you would be surprised how few Americans know a foreign language or have even a clue about a foreign country or culture such as Russia, Но я изучал русский язык в колледже, и провели немало времени в России.

    http://translate.google.com/

  26. Music, yes. ETF’s no. Phyzz yes, paper no. One silver dollar, yes. One paper dollar, no. How many ways can it be said to make the people understand? We’ll keep trying. I’m looking forward to the new silver exchange this summer.
    NO, NO, NO, NO!

    YES, YES, YES,YES

  27. Sad thing about that bar that he was holding without permission is… Is it one of those tungsten specials? MSM and it’s shams… It’s getting so you can’t watch anything on TV… Just cause you see it doesn’t mean it’s real… Chances are if it’s on tv it’s manipulated, influenced, finger fukked, with a side of sloppy seconds cover up… One of those pay attention to what were showing you not what were doing… Slide of sloppy hand we are on to you…

  28. ** Looks over in the general direction of my stack.

    ** Breathes deep sigh of relief at having learned this particular lesson WITHOUT a heaping helping of “pain” to go along with it.

    ** Thinking it’s time to go hit ye olde coin shoppe again soon…

  29. One more thing on your prepper guide.  Get all the books you can, hard copy, books on tape or Kindle.  Get all the music you can store, CD’s, DVD’s, IPOD etc etc.  Ditto for movies and TV shows  You may have to kill some time until the world reboots.  Besides which, some of those items could be good for trading.


  30. Standard & Poor’s warns India of a downgrade to junk category

    S-P.jpg
    The
    trigger for the recent S&P report appears to be the sharp drop in
    India’s quarterly GDP growth numbers and the drop in the value of the
    rupee.

    Mayur Shetty, TNN | Jun 11, 2012, 04.53PM IST

    MUMBAI:
    International rating agency Standard & Poor’s (S&P) has warned
    that India risks a sovereign downgrade which would result in the country
    dropping off the list of countries with an investment-grade rating.

    The statement comes less then two months after the agency revised the
    outlook on India’s rating to negative from stable and said that the
    country has a one-in-three chances of being downgraded in the next two
    years. India presently enjoys a BBB- which is the lowest investment
    grade rating.

    Making a pointed observation on Prime Minister
    Manmohan Singh’s government, S&P said, “It would be ironic if a
    government under the economist who spurred much of the liberalization of
    India’s economy and helped unleash such gains were to preside over
    their potential erosion.” READ MORE

  31. Good call on the “have lots of entertainment stuff”.  I’d even go one more and say have actual hard copies (at least for things like books) – both wifey and I have a passion for books – actual, honest to goodness books.  Not “ebooks” or nooks or whatever, ’cause batteries die and power outages happen, but a book you can hold in your hands?  And the wonderful smell of hte crisp pages as you turn ‘em?  Yah, I’m old. :)

    We’ve got a TON of books (paperback, hard cover, all sorts of genres) and I’ve started accumlating a bunch of books, let’s call ‘em “reference guides” on various topics, because, hey – I like to learn, right?  I’m just a modern day Renaissance man, is all.  Rather like if you can’t hold it, you don’t own it – if all you have is URLs and electronic, that’s gonna kinda such if it goes all “worst case scenario” on us.  And the surge in “zombie culture” stuff over the last 10 years or so is a nice cover for me, I can accumulate books on countless topics and wifey just laughs it off on my silly obsession with the “zombie apocalypse”. 

    I only wish I could play guitar.  Piano / keyboards for me, so I either have to hope we always have power (to keep my keyboard working), or gonna have to bite the bullet and buy an actual piano.  Since my “spare” fiat is going to stacking and prepping in various ways, well… I guess they’ll just have to listen to me sing (oh, the horror! :) )  But it’s true, you definitely want ways to keep yourself and any loved ones entertained – sounds silly, but having cards, dice, old timey board games, all that sort of stuff that works with or without power, is a God-send.  I guess growing up in the northeast US and being rather accustomed to extended power outages due to winter storms has taught me the value of candles, layers (when it’s cold), and the value of no-power-required entertainment to pass the time and keep ya sane.

  32. Aragornsos  I bet you could find a really nice piano on Craigslist  cuz’ someone bought a Steinway or other high quality piano when times were good.  Maybe there will be some available after things get really dicey and all they want is to get rid of the thing.

  33. Proof that GLD claims that bar as theirs? Why? Because Bob CNBS said so? I don’t see this as any smoking gun. I must’ve missed something! Someone please clue me in. Otherwise, maybe the pitch forks should be lowered for now.

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