Some of us have for a long time looked with great suspicion at the PM ETFs, the real motivation behind their creation, the mysterious and seemingly deliberately confusing prospectuses, the acknowledged double speak, and so forth.

Now Chris Powell of GATA alerts us to an interesting article by Trace Mayer that takes a close look at GLD and SLV, exposing some of the lurking traps and potential sand bags hidden within each. One major threat that has always been in the back of my mind is, as Mayer puts it, "Additionally, the GLD and SLV hoards may pose a convenient source of bullion for the United States government to steal. Given prior tyrannical history with FDR’s Executive Order 6102 this may be a material threat."

The article is posted at the two sites below, each of which provides a lot of other relevant information

http://www.runtogold.com/2008/12/a-p...

http://seekingalpha.com/article/1106...