The Illusion of Owning Gold / Commodities / Gold & Silver 2020
Gold-backed exchange-traded funds (ETFs) and similar products account for a significant part of the gold market, with institutional and individual investors using them to implement many of their investment strategies without considering the true risk associated with many aspects of holding non-tangible assets. Gold ETFs are units representing physical gold in paper or dematerialized form, which is very different from owning physical gold. According to the World Gold Council, global gold-backed ETFs added 298 tonnes, or US$23 billion, across all regions in the first quarter of 2020[1]. Total ETF holdings amounted to 3,296 tonnes, representing US$179 billion. The largest ETF is SPDR Gold Shares (GLD) with 1,048 tonnes.
Many investors and financial advisors may besurprised to learn that owning shares in a gold ETF is not the same as owningphysical gold. As one of the largest ETFs, GLD states in its prospectus:“…designed to track the price of gold.” Is it wise to choose convenience overholding physical gold?
Since their introduction in 2003, gold-backed ETFshave transformed the gold investment market into an illusion, divertingattention from ownership of physical gold. This is like a magician that has youfocused on a distraction while they perform a trick.
Whenyou buy a physical asset, such as real estate, a car or a boat, a great deal ofeffort is made to ensure that legal title to the asset is transferred to thebuyer. This generally involves a specific description of the asset – the make,model, colour and serial number, in the case of a car. In addition, the sellertypically warrants that they have free and clear title, that there are noencumbrances and that they have the legal right to convey title to the buyer.
Surprisingly,when it comes to acquiring gold, investors tend to ignore these basicfundamentals and instead focus on the storage costs and management fees; theydon’t give a second thought to actual legal ownership. What good is it to savemoney on the storage costs if you don’t have legal title to the gold? Many goldtransactions, such as futures contracts, certificates, and ETFs, are nothingmore than paper proxies or derivatives of gold. They do not represent legalownership of gold. These proxies may work as planned during normal market conditionsbut may fail under stress, when investors need the safe haven of bullion themost. I have always said that if you aren’t paying reasonable insured storagefees for allocated bullion, then in all likelihood you don’t own any gold atall.
Forexample, if we were to place a bet on tomorrow’s gold price, and we agreed tosettle in currency, then we wouldn’t need any actual gold as long as each of ushad the ability to pay if he/she lost the bet. However, this isn’t aninvestment, and is totally dependent on the credit worthiness of thecounterparty. It defeats one of the most important attributes of allocatedbullion – NO COUNTERPARTY RISK.
ETFs have significant counterparty riskon many levels
In the marketing materials of the GLD ETF, the firstthing to note is that it is referred to as a “TrackingVehicle.” There is nothing mentioned about owning gold. Onthe GLD website, it clearly sets out the objective of the Trust. Unlikephysical gold, ETFs have counterparty risk, because there’s a possibility thatthe other parties, such as the Authorized Participant (AP), the trustee orothers, may default or fail to uphold their part of the agreement.
Ihave spent many years with lawyers, drafting prospectuses and legal agreements.As everyone can appreciate, lawyers are always careful and precise with thespecific language in all legal documents. As a result, it is important for eachinvestor to carefully read all the documents associated with a transaction inorder to understand the objectives of the ETF.
Pay strict attention to the wording inthe Regulatory Documents
Withthe recent increased popularity of ETFs, many investors assume they are like open-endmutual funds, but with much lower management fees. They never question why thefees are lower; they simply assume that Wall Street has become generous andwants to provide cost savings to public investors.
Inan open-end mutual fund trust, such as the BMG mutual funds, the fund managerreceives the investor’s contributions and then purchases the appropriatebullion according to the mandate of the fund. Similar to a stock transaction,the Custodian (Scotiabank, in BMG’s case) issues a Trade Record Sheet,specifying the bar being transferred to the fund by refiner, serial number,exact weight and purity to three decimal places. Every month, the Custodianprovides a list of bars held in custody for each fund by refiner, serialnumber, exact weight and purity. This monthly document is signed by an officerof the bank and is posted on the BMGGroup Inc. website.
Theholdings are audited annually by the BMG Funds’ independent auditors (RSMCanada LLP).
Whileopen-end funds have to incur a number of expenses, as mandated by regulatoryauthorities, the investors will benefit from the economies of scale in bothpurchasing the bullion and storing the bullion on a fully insured basis, aswell as the reduced legal and accounting costs.
Theprocess for ETFs is entirely different. The first important distinction is thatETFs are not subject to conventional securities laws. They use a “Registration Statement” instead of a “Prospectus” and, as a result, are notsubject to the same regulations as open-end mutual fund trusts. According to aSolari Special Report by Catherine Austin Fitts, president of Solari, Inc., thepublisher of The Solari Report and managing member of Solari InvestmentAdvisory Services, LLC, on the GLD and SLV[2],the term “exchange-traded fund” is not a precise legal term defined by statute,as is an “Investment Company,” of which mutual funds are a subcategory. Bothhedge funds and ETFs, at least under current law, are investment vehiclescreated for the express purpose of avoiding some or all of the regulation undersecurities laws that apply to investment companies and traditional stocks. ETFinvestors have limited voting power, including the ability to removemanagement. The Trustee’s and Custodian’s limited responsibilities are set outat the creation of the trust and execution of the custodial agreement, with nomechanism to change those responsibilities in the event of change, and nodirect accountability to investors.
CUSTODIANS OF THE GOLD AND SILVER IN ANETF
Concernshave been raised by numerous analysts over the Custodians in the GLD and SLVETFs – HSBC Bank (HSBC) and JPMorgan Chase (JPM). Both HSBC and JPM, whileholding 1,080 tonnes in gold and almost 9,500 tonnes in silver (December 2009),held significant over-the-counter derivatives in both gold and silver, andsignificant short positions in both gold and silver, on the COMEX. According tothe Commitment of Traders Report (CFTC), between them, HSBC and JPM are shortmore than 30% of the entire COMEX silver market on a net basis, with JPMholding the vast majority of these short positions. Moreover, both banks havebeen fined by regulators and have class action lawsuits pending against themfor manipulating the gold and silver markets, bond rigging, LIBOR rigging,rigging commodity markets and mortgage securities fraud[3].
Both banks have been fined various times by multiple institutions such as the Federal Trade Commission (FTC) for manipulating these markets, for fraud, for money laundering, and for helping Americans evade taxes. (HSBC ‘s Rising Legal Liability and JPMorgan Faces Potential Class Action Lawsuit)
Inaddition to the ethical concerns about the Custodians for the GLD and SLV ETFs,neither the Trustee, Manager orCustodian assumes any responsibility for the quality of gold and silverdelivered to the ETF in question. There is no requirement for thesub-custodians to be London Bullion Market Association (LBMA) members. There isno assurance that the bullion is legally mined and meets Responsible InvestmentAssociation (RIA) standards. The importance of this is that gold normally heldby LBMA members in LBMA member- vaults will maintain its Chain of Integrity.This means that every Good Delivery bar is tracked from the mine, thetransportation company, the refiner and the vault. If gold is removed from thischain of integrity, there can be no assurance that it is pure gold or that itmeets Good Delivery Standards. In the past, investors have been swindled intobuying gold-plated tungsten bars when no chain of integrity was in place.
ElementalGold was initially rated as an LBMA-qualified refiner but lost that status whena money-laundering investigation was launched by the Financial CrimesEnforcement Network (FinCEN). ElementalGold was accused of selling illegally mined gold that did not meet LBMAstandards[4].
Insteadof “Buying” or “Acquiring” assets, ETFs use Authorized Participants to “contribute” “baskets” ofsecurities, as defined in the Registration Statement. Authorized Participantsare typically the largest brokerage houses and must be members of theDepository Trust Corporation (DTC). As a result, even institutions or pensionfunds cannot redeem in physical if they are ETF shareholders unless they arealso members of the DTC and have entered into an Authorized ParticipantAgreement. According to the prospectus, APs “assemble” the securities toform the baskets.
Why do they use the word “assemble”instead of “purchase” or “acquire”?
How do they “assemble” the baskets?
Accordingto Catherine Austin Fitts, “Underlying documents may permit AuthorizedParticipants to contribute (or at least not expressly prohibit them fromcontributing) to the ETFs’ gold and silver leased from central banksinstead of precious metals to which Authorized Participants hold absolute legaltitle.”
In addition, a report written by Deloitte & Touche LLP entitled “Exchange Traded Funds – Challenging the Dominance of Mutual Funds” described how baskets are created and redeemed.
‘The “creation of units” is the daily operational process that is utilized by APs to create ETF units. A portfolio composition file, created by the sponsor, lists the composition and weights of the underlying securities or commodities that mirror the target index. APs then buy or borrow relatively large amounts of the underlying stocks from the capital markets that would mirror the index. If the proposed ETF tracks a commodity, it buys or borrows certificates of ownership of that commodity. The basket of securities is delivered to the custodian who verifies that it is an approximate mirror of the index. The AP (if they are the sponsor) then subsequently receives a “creation unit” delivered to their account at the Depository Trust Corporation. The creation unit is broken up into ETF shares, which represent a fraction of the creation unit. The number of ETF shares depends on the NAV of the creation unit — a function of the weights assigned to the underlying securities. In the case of commodities, the sponsor will usually have a formula to calculate the NAV. Because this is “in-kind” barter and no cash changes hands, there are no tax implications.’
But what is in it for the AuthorizedParticipants?
Investors who think that a major brokerage firm actually buys goldat the prevailing spot price, contributes it to an ETF at Net Asset Value(NAV), is issued Creation Units at NAV and then sells those units to the publicat NAV are incredibly naive in their understanding of how Wall Street works.
The APs borrow the assets,contribute them to the ETF, and are issued Creation Units, which they sell tothe public. They keep 100% of the money.
Inorder to understand the inner workings of an ETF, you must consider history andanalyze how the first ETFs were established to track an index such as the DOWor the S&P 500. Authorized Participants could always borrow the assets fromtheir clients’ margin accounts, and also from hedge fund accounts, where theyacted as prime broker. They would then contribute the borrowed assets to theETF.
Thenthe APs would be issued Origination Units of the ETF in exchange for the basketof securities. The APs would then sellthe ETF units to other clients and KEEPALL OF THE MONEY. They would have an equivalent liability but it wouldnever be called, and most clients wouldn’t know that they held broker IOUs intheir margin accounts instead of the securities itemized on their statement.
Inaddition to keeping all of the money from the issuance of new ETF shares, theAPs make money every day acting as market makers. They make the arbitragespread between the NAV and the market price of the ETF units. Only APs haveaccess to both the market data and the NAV, allowing them to make an arbitragespread during normal market conditions.
AuthorizedParticipants have no specific obligation to purchase and redeem ETF shares inorder to minimize the fluctuations in market prices. Under normal conditions,it is profitable to make the arbitrage spread between the market price and theNAV of the ETF shares; however, in a major market decline, bearing in mind thatAPs are essentially “short” the asset, it is in their best interest to let itdecline as much as possible before redeeming, so that covering their shortposition is the least expensive. That is when ETFs will underperform the marketfor the underlying assets.
If aclient wanted to sell a security that was lent to an ETF, the broker wouldsimply deposit the cash proceeds of the theoretical sale into the client’saccount. In the meantime, they would have had an interest-free loan of thesecurities from their client. The client wouldn’t be aware that this hadhappened in his or her brokerage margin account.
What happens if the AP becomesinsolvent? The lawyers get rich arguing about who is the true owner of the assets.
It is obviously much more lucrative toget 100% of the investment proceeds than to earn 1.5% in management fees.
Apartfrom the leased gold and the resulting suppressed gold price, most of theinformation is disclosed in the GLD documents. In addition to the RegistrationStatement, the Authorized Participant Agreement must be reviewed to fullyunderstand the operation of the GLD. However, the Authorized ParticipantAgreement can no longer be found with the GLD documents on EDGAR or thestreetTRACKS website. Most surprisingly, the original Registration Statementsfiled in August 2005 were 108 pages long; the current Registration Statement isonly 34 pages long[5].
IfBMG filed a prospectus that was over 70% shorter than the last version filedwith the regulators, the chances of approval would be very slim. Moreover,prospectus offerings have strict regulatory guidelines that do not apply toETFs. Both the original Registration Statement and the Authorized ParticipantAgreement[6] can be reviewed in the footnotes.
Asection of the Registration Statement that is particularly important to reviewis Risk Factors (page seven of the2005 Original Registration Statement). There are a total of 24 itemized RiskFactors that every prospective investor should study carefully. The noteworthyrisk factors are set out below:
“Shareholders do not have the protection associated with ownership in an investment company registered under the Investment Company Act of 1940, or the protections afforded by the Commodity Exchange Act of 1936.” Page 9, paragraph 5
“Shareholders do not have the rights enjoyed by investors in certain other vehicles (including, for example, the right to bring “oppression” or “derivative” actions).” In addition, the shares have limited voting and distribution rights; for example, shareholders do not have the right to elect directors and will not receive dividends. Page 10, paragraphs 6 and 7
“The Trust’s gold may be subject to loss, damage, theft or restriction on access.”
“The Trust may not have adequate sources of recovery if its gold is lost, damaged, stolen or destroyed and recovery may be limited, even in the event of fraud, to the market value of the gold at the time the fraud is discovered.”
“The Trust will not insure its gold.”
“In addition, the Custodian and Trustee will not require any direct or indirect subcustodians to be insured or bonded with respect to their custodial activities or in respect of the gold held by them on behalf of the Trust.”
“The Custodian is only liable for losses that are the direct result of its own negligence, fraud or willful default in the performance of its duties.” Page 11, paragraphs 4, 6, 7, 8
“The Custodian is not liable for acts or omissions of its subcustodians unless the selection of such subcustodians was made negligently or in bad faith.”
“There are expected to be no written contractual arrangements between subcustodians that hold the Trust’s gold and the Trustee or the Custodian.”
“Gold Bullion allocated to the Trust in connection with the creation of a basket may not meet London Good Delivery Standards and if a basket is issued against such gold the Trust may suffer a loss.”
“If the Trust’s gold is lost, damaged, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have sufficient resources sufficient to satisfy the Trust’s claim.” Page 12, paragraphs 2, 3, 4, 12
“Because neither the Trustee nor the Custodian oversees or monitors the activities of subcustodians who may hold the Trust’s gold, failure by the subcustodians to exercise due care in the safekeeping of the Trust’s gold could result in a loss to the trust.”
“The Trustee may have no right to visit the premises of any subcustodian for the purposes of examining the Trust’s gold or any records maintained by the subcustodian, and no subcustodian will be obliged to cooperate in any review the trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such subcustodian.”
“The ability of the Trustee to take legal action against subcustodians may be limited, which increases the possibility that the Trust may suffer a loss if a subcustodian does not use due care in the safekeeping of the Trust’s gold.” Page 13, paragraphs 2, 3, 4
“The Custodian may not have the right to, and does not have the obligation to, seek recovery of the gold from any subcustodian appointed by a subcustodian.” Page 44, paragraph 6
In the current 2020Registration Statement for the GLD, some additional Risk Factors were added:
“The liquidity of the Shares may be affected by the withdrawal of Authorized Participants. In the event that one or more Authorized Participants which has substantial interests in the Shares withdraws from participation, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares.”Page 9
How does the withdrawal of anAuthorized Participant affect the value of the shares if ownership of the goldwas transferred to the ETF?
In contrast, the BMG Fundsrequire that:
theCustodian, Scotiabank, maintains insurance for all risks except for war,nuclear incident or governmentalconfiscation;Scotiabankcannot appoint subcustodians without prior written approval for the appointmentof any subcustodians;subcustodianshave to comply with National Instrument 81-102 for Canadian Mutual Fundcustodians that essentially limits custodians to major chartered banks;Scotiabankmust exercise a high standard of care in the custody of the Funds’ bullion –“at least the same degree as it exercises with respect to its own property of asimilar kind”;Scotiabankdelivers to BMG Management Services Inc. (the Fund Manager) a list of bars heldin custody for the BMG Funds listing the name of the refiner, the exact weightand the serial number; andTheFunds’ auditors and the Fund Manager are allowed to inspect the holdings uponreasonable notice and verify the physical bars to the bar lists delivered byScotiabank at the time of purchase.Under GeneralInvestment Risks, the BMG Prospectus sets out the following:
“BMG BullionFund invests only in the purchase of unencumbered physical gold, silver and platinum bullion that is held on an allocated basis. BMG Silver BullionFund invests only in the purchase of unencumbered physical silver bullion that is held on an allocated basis. Each of the BMG Funds has the objective of providing a secure, convenient alternative for investors seeking to hold the physical bullion for capital preservation and long-term appreciation. As a result, the following risk factors are applicable for each BMG Fund.”
In addition, theBMG website states:
“BMG Mutual Funds are all open-end mutual fund trusts that provide a cost-effective and convenient method of owning precious metals bullion without compromising any of the fundamental attributes of bullion, which are: absolute liquidity, no counterparty risk and no reliance on management skills. No derivatives, futures contracts, options or certificates are used in BMG Mutual Funds. BMG Mutual Funds are an ideal way to balance your portfolio with physical gold, silver and platinum bullion.”
Incontrast, the important sections of the GLD’s Authorized Participant Agreementthat one has to pay close attention to have to do with redeeming of ETF unitsand contributing gold bullion.
Whenredeeming ETF units, the Authorized Participant Agreement states that it:
“…owns outright or has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement or any other arrangement which would preclude the delivery of such Baskets to the Trustee the third Business Day following the Redemption Order Date.”
The warranties above are what oneexpects for the transfer of hard assets.
However, when APs contribute bullion, the expectedwarranties are missing. The Authorized Participant Agreement states that:
“The Authorized Participant represents and warrants on behalf of itself and any party for which it acts that upon delivery of a Creation Basket Deposit to the Trustee in accordance with the terms of the Trust Indenture and this Agreement, the Trust will acquire good and unencumbered title to the Gold which is the subject of such Creation Basket Deposit, free and clear of all pledges, security interests, liens, charges, taxes, assessments, encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent, and not subject to any adverse claims, including any restriction upon the sale or transfer of all or any part of such Gold which is imposed by any agreement or arrangement entered into by the Authorized Participant or any party for which it is acting in connection with a Purchase Order.”
How can the purchaser warrant to theseller that it will have good title? I can assure you that lawyers charging$1,000 an hour did not simply make a drafting error.
But what are the risks to the investors?
Justas in my earlier example of the bet, ETF investors don’t own any bullion. Aslong as the APs are solvent, the system works. However, if an AP became insolvent, the lawyers would get rich arguingwhether the ETF or the actual beneficial owners would be deemed to be the rightfulowners. Although we came close to the ETF market blowing up in 2008 when LehmanBrothers, an AP, defaulted, the system and Lehman was bailed out.
Whilethis poses as a serious problem with traditional securities ETFs, it is a muchbigger problem when it comes to bullion. In the case of precious metals, aswould be the case with the GLD and SLV ETFs, the bullion is leased from centralbanks by bullion banks acting as APs. The potential problem here is muchlarger, as with any lease transaction. Title to the asset remains the propertyof the lessor. The lessee only has a limited right to use the asset and mustre-convey it to the lessor[7]. As a result, when a central bank leases gold,it still shows the asset on its balance sheet, even though it has been leasedto a bullion bank, and it no longer has physical possession of the bullion.
Again,everything works relatively smoothly during normal market conditions. However, if a bullion bank becomes insolvent,the central bank lessor would demand the return of its bullion from the ETF.
The result could be a total loss for theETF investors at a time when they would need the wealth preservation attributesof bullion the most. For the sake of saving about 1% on annual management fees,they risk a 100% loss of their capital.
Asimilar situation occurred in 2011 with MF Global. Investors were interested inacquiring bullion through commodities futures due to the attractive leverage.Instead of making leveraged profits, most of the investors lost all of theirmoney when MF Global declared bankruptcy in 2011[8].
Theconclusion is clear. The public has been misled about the merits and risks ofinvesting in gold and silver using ETFs. GLD has 1,048 tonnes of gold bullionbut as a result of its structure, the supply/demand of gold is not affectedsince the GLD gold is borrowed. In the supply/demand statistics of both GFMSand CPM (reputable precious metals publications), there is no line item thatcorresponds to the amount of gold that is supposedly held by the GLD. This isbecause the gold is leased instead of purchased.
This structure has been detrimental toretail investors, institutions and pension funds, as well as to the miningindustry. It has only been a lucrative cash flow opportunity for the largebrokerage firms who act as Authorized Participants. If an open-end mutual fundheld that much gold, or if the gold was held directly, then the price todaywould be many multiples of the current number.
Thesupply/demand statistics compiled by both GFMS and CPM were questioned as farback as 1998, when I started the first open-end BMG BullionFund. Frank Venerosowrote an extensive analytical report called “The 1998 Gold Book Annual.” In it,he meticulously compiled statistics to demonstrate that the amount of leasedgold was grossly understated. Accordingly, Veneroso and the Gold Anti-TrustAction Committee (GATA) identified that central banks could report owning over 30,000tonnes of gold without having to store it in their vaults. The IMF requeststhat central banks do not exclude leased gold from their reserve assets, whichresults in no party knowing how much gold in the vaults is leased[9]. As a result, Veneroso concluded that centralbank gold leasing had artificially suppressed the full extent of gold demand tothe tune of approximately 1,600 tonnes per year, when annual supply was 4,000tonnes. Central banks were officially on record as owning over 30,000 tonnes,and it is estimated that at least 5,000 of the 30,000 tonnes of centralbank gold was most likely leased out. His 2003 updates and projections statedthat total leased gold was most likely in the range of 10,000 – 16,000 tonnes[10].
Thecontroversy over the amount of total leased gold continues today. Manyobservers question whether the US has any gold left in Fort Knox. In addition,many question whether China has only 1,600 tonnes when many analysts believethey have in excess of 6,000 tonnes, and their stated objective is to have morethan the 8,000 tonnes purportedly held by the US. When China is satisfied thatthey have enough gold to move away from the US dollar as the reserve currencyand announce their true gold holdings, many analysts will wonder where they gotthe gold, since it has not been accounted for by GFMS or CPM. The only place itcould have come from is central banks, including the Federal Reserve, that haveleased their gold. The speculation is that APs sold gold to China: Theyredeemed 400-ounce bars from the ETFs and re-assayed them into kilo bars inSwitzerland before selling the kilo bars to China.
Despitemy criticism, there is a good use for ETFs in investment portfolios. Unlikeopen-end mutual funds, ETFs offer put and call options. The best use of ETFs isto hedge a portfolio of assets that you have legal title to and own outright byusing ETF options. When it comes to bullion, you could acquire ETF puts tohedge your physical precious metal holdings. In addition, you could buy callsto enhance the performance of your bullion holdings.
Finally,let me reiterate: Do not assume that you actually own any bullion or have any legalclaim to any bullion when you invest in bullion ETFs.
“Do not invest in something that you do not understand. If you cannot explain the investment opportunity in a few words and in an understandable way, you may need to reconsider the potential investment.” SEC investor bulletin – August 2012.
[1] https://www.gold.org/goldhub/data/global-gold-backed-etf-holdings-and-flows
[2]https://home.solari.com/wp-content/uploads/2010/Disclosure_in_the_Precious_Metals_Puzzle_Palace.pdf
[3] https://www.forbes.com/sites/francescoppola/2016/02/28/hsbcs-catalog-of-lawsuits/#1151570657fc
[4] https://www.silverdoctors.com/gold/gold-news/what-does-the-elemetal-gold-scandal-say-about-gold-prices/
[5] https://www.spdrgoldshares.com/media/GLD/file/SPDRGoldTrustProspectus2012.pdf
[6] https://documentcloud.adobe.com/link/review/?uri=urn%3Aaaid%3Ascds%3AUS%3A1323b588-c911-4005-9170-662847735576&pageNum=1
[7] https://www.bis.org/bcbs/cp3/leaseuro.pdf
[8] https://en.wikipedia.org/wiki/MF_Global
[9] https://www.gold-eagle.com/article/gold-gata
[10] http://bmg-group.com/doc_bin/manipuation-in-gold-market-and-related-opportunity.pdf
By Nick Barisheff
Nick Barisheff is the founder, president and CEO of Bullion Management Group Inc., a company dedicated to providing investors with a secure, cost-effective, transparent way to purchase and hold physical bullion. BMG is an Associate Member of the London Bullion Market Association (LBMA).
Widely recognized as international bullion expert, Nick has written numerous articles on bullion and current market trends, which have been published on various news and business websites. Nick has appeared on BNN, CBC, CNBC and Sun Media, and has been interviewed for countless articles by leading business publications across North America, Europe and Asia. His first book $10,000 Gold: Why Gold’s Inevitable Rise is the Investors Safe Haven, was published in the spring of 2013. Every investor who seeks the safety of sound money will benefit from Nick’s insights into the portfolio-preserving power of gold. www.bmgbullion.com
© 2020 Copyright Nick Barisheff - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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