I am a subscriber to Jim Willie’s “Hat Trick Letter,” and noted an interesting blurb yesterday regarding GLD ETFs. I have included the paragraph below, and was wondering if anyone could substantiate the claim:

A bizarre but consistently corrupt directive has been proposed by the lapdog Commodity Futures Trading Commission (CFTC) regarding the StreetTracks Gold Trust, the ‘GLD’ Exchange Traded Fund. Managed by JPMorgan, the GLD fund is ripe with corruption, without any doubt in my mind. They use whatever gold bullion they possess to short gold for the cartel, thus neutralizing physical gold demand in brilliant fraudulent fashion. The CFTC has proposed the exemption of StreetTracks Gold from provisions of the Commodity Exchange Act in reporting their trading and clearing of options for its GLD shares. The CFTC has also proposed the exemption of StreetTracks Gold in reporting physically delivered gold futures contracts based on GLD shares. Options and delivery for GLD share activity are soon to go dark, no audit trail whatsoever. If they never purchase gold bullion as promised, as stipulated in their prospectus, no regulatory body can enforce it, let alone discover their failure to do so. This is the exact opposite of what a legitimate fund would do. The powers are slowing eliminating all rules for honest accounting. Within two or three years, confiscation of GLD gold bullion might be possible without any violations of law, and possibly without any recognition by its shareholders, maybe no announcements even. The GLD is a major fraud, just like the SLV silver ETFund run by Barclays of London.