GLD in public relations backfire

CNBC, HSBC, and GLD in public relations backfire

Submitted by cpowell on Tue, 2011-09-13 00:39. Section: Daily Dispatches

8:35p ET Monday, September 12, 2011

Dear Friend of GATA and Gold:

GoldSilver.com today notes CNBC's backtracking on its Bob Pisani's reporting September 1 from the secret vault said by gold custodian HSBC to house the metal held by the gold exchange-traded fund GLD. While Pisani twice asserted on camera that "all" the metal in the vault belonged to GLD, he displayed a gold bar that turns out to have belonged to another gold ETF for which HSBC is also the custodian, and CNBC subsequently noted on its Internet site that the vault does indeed hold gold for more than GLD. But no doubt there's still enough there for HSBC to continue to help manage the Western fractional-reserve gold banking system. The GoldSilver.com report is headlined "CNBC-HSBC-GLD Public Relations Backfire" and it can be found here:

http://goldsilver.com/news/cnbc-hsbc-gld-public-relations-backfire/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.