1mg finasteride generic what medication is comparable to lexapro clomid reviews pcos serpina generico italiano no prescription rumalaya sale brand cialis canada online no prescription cilest no prescription overnight delivery buy tadacip online no prescription united states ashwagandha australia order zithromax on line india buy zocor without rx no prescription cheap price lexapro medication can i pay by check for girl scout cookies how to get prescription for propecia retin a 0 05 order in the us nolvadex overnight cipralex online from canada where to buy lipitor for cheap brand levitra cheap amoxicilina prices usa diovan women buy singulair fast usa hyzaar online india usa buy bupropionum without prescription online tadapox with no prescription buy celebrex in singapore can you only get diclofenac on prescription exelon for sale usa kamagra soft usa elimite discount code is .5mg of propecia effective best price for real colospa speman legal in england cialis super active buy online mexico orlistatum buy mexico minocycline side effects depression pharmacy express scripts phone number 1 800 cozaar losartan potassium tablets cheap generic brand cialis flomax next day delivery styplon max dose depakine chrono uk next day delivery pharmacy online paypal very cheap cilest levlen over counter tretinoin 0,05 dosage instructions best place to buy tetracycline in mexico shuddha guggulu delivery uk cardura patient reviews where to buy zyrtec online canada why is premarin not generic buy allopurinol online from canada albendazole delivery prescription isoptin lawsuit canada can you open doxycycline hyclate capsules levofloxacin alcohol use baridium drug in mexico pharmacy avalide canada sale estradiol valerate spain differenze fra viagra cialis e levitra apo meloxicam ingredients where to buy bupropionum ointment dipyridamole canada companies only estrace on line in the mexico compazine medication side effects nolvadex next day buspar reviews for men protonix no prescription needed canadian online pharmacy baclofen pharmacies in order rx from canada free or low cost cephalexin nolvadex and arimidex pct buy calan online australia no prescription cheap kamagra chewable free delivery prandin tablets uses buy raloxifeno in singapore advair australia price ordering hydrodiuril usa yasmin pill side effects discharge seasonique generic name no prescription buy brand advair diskus anti allergic asthma lynoral mg buy stieva a where to get viagra in shanghai kaufen propecia for women hair loss forzest drug schedule buy ciplox tablets canada cefixime oral suspension for children what types of suhagra are there can you buy zyban online cost of trial erection packs 2 benemid roche precio argentina where to buy fluss 40 online usa canadian aspirin coupons purchase roaccutane on line in uk propecia non perscription countries buy birth control patch online no prescription bupropionum prices cvs cardura tabs amoxycillin perth australia buy thyrox greece ciprofloxacina without insurance lov cost mestinon medicine colchicine depo provera nhs promethazine hydrochloride 25 mg recreational use carvedilolo buy india silagra drug in uk pharmacy canadian probalan tablet vardenafil hcl 20mg and alcohol asacol generic release date flagyl er fast canada ourcanadianpharmacy zyrtec order canada order viagra online canadian no prescription discount vytorin usa cvs prices buy lopid in usa cialis soft pills online in the mexico lasuna reviews for men overseas pharmacy no prescription clonidine free trial cialis without prescription can you buy atacand access canada drug mart order online generic amoxil cheap nexium pct buy celebrex order canada ordering low dose aciclovir over counter asthma inhalers uk list of tesco stores selling glyset safe prilosec buy over the counter rx atarax online starlix discount card over counter chloroquine purchase diovan on line in uk floxin ear drops generic ventolin inhaler to buy in uk medicine acivir pills elimite online without rx trustworthy online drug stores 100 ml nitroglycerin is there a generic drug for mirapex buy mobic tablets usa buy lamisil patch cheap viagra soft usa xalatan paypal acticin on line in the canada difference between wellbutrin and generic bupropion prevacid pharmacy assistance uk pharmacies online that sell movalis can you buy toprol xl canadian mg how easy is it to get prescribed viagra buy prevacid low cheap price motilium suspension janssen cilag online pharmacy no prescription needed benzac safe viagra purchase online plavix medicine pictures norvasc low cost online roaccutan with no prescription phentermine uk prescription prilosec over the couter anastrozolo prices at costco when to start taking clomid in your cycle buying zovirax using paypal ver bula de cloridrato de sertralina where to hytrin the online drugstore styplon liposafe reviews for men nitroglycerin canada no prescription diarex drug in germany pharmacy buy soft tabs generic cialis softtabs online buy prednisolona pills in the canada valtrex order in the us billig metoclopramide online kaufen where can in buy propecia with no prescription is there a shortage of brafix levothyroid doctors online comprar fluoxetine pela internet order ayurslim from uk without prescription adalat legal in england buy zyban mg order haridra online with mastercard microzide without a prescription from australia vermox cost canadian leukeran without insurance triamterene generic wikipedia drugs buy emsam mexican pharmacies online antibiotics for uti fda approved male enhancement drugs phenamax perth australia aviane 28 from mexico generic rosuvastatin paypal independent pharmacies on cape cod albuterol inhalers without rx how much is wellbutrin tablets to buy tinidazolum in uk can i order glucophage online my warafin coupons valsartan hydrochlorothiazide diovan hct side effects orlistato order canada canadian pharmacy generic viagra online buy atrovent from mexico online canada drug generic cialis floxin 100mg tablet bupron sr cheap uk buying lithium purchase trimox mg pastillas para la ereccion cialis praziquantel tablets for dogs comprar geriforte syrup en argentina tapering off celexa 40 mg buy paroxetine pills in the canada free samples of viagra in the mail fluoxetina no prescription where to buy torsemide online uk european pharmacy no prescription doxi 1 no prescription needed canadian online pharmacy what is the herbal equivalent to viagra mail order rogaine 5 online india pharmacies online that sell levaquin why is there a shortage of propranolol sumycin online pharmacies with out prescription hytrin without a prescription from uk buy lasuna uk pfizer viagra 100mg information is floxin legal in uk casodex no prescription compare prices baridium where can i buy it paxil cost generic order cilest on line mexico protonix sale desyrel font for mac zovirax dosage for herpes order accuran overnight imitrex how to buy oristal on line in the uk without a script delivery allopurinol cefixime dosage complicated gonorrhea compazine canada prescription donde comprar lioresal en venezuela generic brafix no prescription desyrel perth australia albenda mexico companies only neurontin order online no prescription benicar 40 25 mg side effects zovirax cream sale buy cheap clomid using pay pal zyvox without inhibitor selegiline zyprexa 20 mg velotab disulfiram like antabuse effect reaction lisinopril hydrochlorothiazide 10mg 12.5 mg tab purchase cheap fincar online ingredientes do viagra de mandioca relafen buy no prescription how do you order painkillers online tretinoin 0 025 uk online buy pariet in ireland generic for pyridium non prescription fluoxetina pharmacy pulmicort best online non prescription pharmacy exelon generation kennett square pa v gel perth australia dulcolax prices usa sildenafil citrate for sale australia snythroid no scrip cialis prices purchase cheap zovirax online order ointment micardis usa cvs prices order toradol from usa without prescription billig reglan online kaufen phone in order for furosemide bystolic shipping overseas actos to buy from europe free viagara buying kamagra chewable using paypal order cefadroxil overnight thyroxin brand positioning top 10 online cozaar sites water pills gnc generic name for amaryl where to doxazosin atarax over the counter equivalent anti canadian online pharmacy for cymbalta celapram in croatia is there a generic prednisone safe to buy generic seroquel from usa yaz online from india side effects of fluoxetine withdrawal buy generic key pred online no prescription arjuna over the counter use mometasona coupon online which uk site to buy aricept better than haridra medrol medication used what is pravachol used to treat can i take 40mg of levitra brand name fincar online buy colchicine online thru paypals estrace online without prescription purchasing calan online uk confido generic mexico cobra 120 tablets buy aloprim bulk current price didronel reviews on nizagara buy inderal pills in the mexico cialis sublingual where to buy in canada prednisona phone orders buy minocycline in usa obelit delivery uk version of provera best over the counter acai side effects of switching from synthroid to levothyroxine viagra soft reviews and dosage what does cymbalta look like cheap oestrogel no prescription best online pharmacy generic antabuse tetracycline no script cheap generic rumalaya forte hyaluronic acid injections knee cost how to use alliplugs lasix 10 mg donde comprar xenical en argentina aceon noprescrition needed usa online pharmacy american capoten lincocin medicine children how long does it take for side effects of zoloft to wear off ginseng without prescription miami capoten mail order v gel with paypal payment can i buy shuddha guggulu in canada natural viagra mens health synthroid weight gain or loss what does ginseng extract taste like dipyridamole rx ordering atarax canada generic sildenafil names where to get doxycycline for rats can you take dipyridamole daily clonidine italiano flunil birth control online uk tegretol without script can you take zetia daily actoplus met drugs online purchases free or low cost glucophage isoniazid combination therapy can i order metronidazol online lasilix sold over counter canadian pharmacy online altace buy tetracycline with a prescription hydrochlorothiazide cheap canada pharmacy can order metrogel canada free or low cost calan buy metronidazol online mexico no prescription viagra super active australia companies only haridra ayurvedic medicine prednisone online pay paypal order permethrinum pills buy acai berry canada where can i refill tetracycline prescription my levaquin coupons where to buy letrozole in australia synthroid daily use reviews lipitor drug canadian pharmacy generic diprolene uk donde comprar hytrin flagyl er from canada alfa flucon online in canada how to buy kytril can you buy atorlip 10 over the counter in germany alphagan mg price uk buy disulfiramo without prescription levothroid to buy elocom generic usa zithromax over the counter india sarafem canada prescription propranolol hcl 40 mg tablet grifulvin v without prescription miami buy moduretic tablets uk genuine neurontin 100mg drugstore princess urban decay strattera online order nizagara online from usa generic pharmacy net topamax lawsuit canada nolvadex dosage after superdrol compare prices accuran no prescription tizanidina sale zithromax legal us suppliers of emoquette in us brand levitra refills discount code for pyridium can you get silagra class action celebrex lawsuit discount shuddha guggulu diltiazem 10 mg cost pharmacy buy drugs bactrim comprar elocom original en madrid como comprar pariet com desconto best place to order hytrin in us septilin uses medication how to take levlen ed pill topamax on line purchase consumer medicine information pariet cipla web flash report plavix pills online in the usa online estro overnight delivery where to buy buspar online without rx legal status of drugs in europe order zanaflex from drugs buy zolpidems 2013 anastrozolo without script female viagra generic 2013 drugs real viagra with no prescription order yaz online no prescription with a visa how much is cyklokapron tablets sildenafila uk sale azitromicina cheap india pharmacy buy synthroid online overnight can i order tamoxifen no prescription in the usa buy retino a cream 0,025 online no prescription us kamagra sales ireland buying viagra pharmacy technician online schools ohio generic lipitor in australia prescription erythromycin online buspar better than benzo buy tinidazolum pills in the us buy dutasterid have no prescription side effects of stromectol zyban annual sales over counter isotretin serevent supplier in uk atarax 20 mg author and punisher cloridrato de sertralina faz engordar zyvox mg canadian rx canadian pharmcy diets demadex pills online in the mexico buy zoloft generic isotretinoin side effects statistics where can i purchase lantus shallaki online pay paypal medrol dosepak lawsuit penegra in india what is flagyl used for antibiotic levitra canadian pharmacy com purchase estrace on line in the uk no prescription lorazepam generic tamoxifen side effects low price emoquette uk indian pharmacy dutasterid suppliers of tegretol in us acquisto alphagan sicuro online glyset india differin .3 gel reviews is there a shortage of celadrin what does bentyl buy vytorin astrailia rumalaya forte discontinued aviane 28 over the counter usa how to buy brand levitra in london how long does it take doxycycline hyclate 100mg to work buy benzac online amazon discount code for allopurinol hydrochlorothiazide indications and dosage viagra soft noprescrition needed usa online pharmacy cozaar 20mg tab ordering phenergan low prices discount robaxin in usa clozaril medication buy accutane online 20mg celebrex with american express buy bystolic online no prescription united states cheap septilin delivered overnight premarin cream coupons urispas for men sale in uk pariet prices at costco lexapro pharmacy card how to order bactroban online canadian drug company hydrodiuril zyloprim with american express innopran xl without a prescription from uk clozaril pharmacy registration form arimidex in croatia fertomid pas cher italie zantac with no perscription buy albuterol tablets canada cheap canadian feldene no prescription order levothyroid on line uk where do i buy amantadine low price zebeta uk is prilosec otc the same as prescription prilosec albenza for purchase without a prescription cheapest meclizine tablets uk what class of drugs is lopressor baridium dosage instructions decadron iv side effects in adults cialis generic cheapest online pharmacy overnight delivery no prescription compare prices mycelex g lisinopril cheap uk pharmacy celexa where can i buy it discount probalan mg where to alesse levonorgestrel online no prescription v gel coupons what does brahmi ordering valtrex online cialis 2 5 mg costo advair no prescription needed canadian online pharmacy cheap viagra soft free delivery bupropion withdrawal long over the counter erection pills reviews lorazepam buy online no prescription sale diprosone what drug category is tadalis fluconazole side effects drinking alcohol trimox doctors online best drugstore liquid makeup for oily skin code red pill 7 second amantadine generic india buy yagara online mexico no prescription north american pharmacy online lamisilate coupon code canadian fertomid tablet kelnor drug in germany pharmacy calan uk next day delivery buy lamictal 5 mg finastride 5 mg buy brand advair diskus in italia lisinopril lowest price online buy lisinopril singapore canada drugs trimox with prescription affordable abortion pill xenical india price allegra show low az femara pregnancy rates sale retin a 0 05 how long does it take for cialis 20mg to work fluoxetine street prices canada plavix tablets online original cardizem online diclofenaco sodico 50 mg indicaciones minocycline tablets us online best coversyl prices mexico pharmacies online that sell zestoretic recommended dose of benadryl for 3 year old septilin online in us risperdal to buy in australia percocet tablets online lasix no prescription cheap price can order confido online uroxatral not generic buy fasigyn in india online buy antabuse lowest price cheapest calcium carbonate tablets uk cheap levothyroxin pills orlistat tablets dosage cheap glycomet free delivery safe to buy generic zyrtec from usa wellbutrin sr without a prescription from canada albuterol without rx strattera for studying cheap generic lynoral purchase lamisil cheap prescription cod buy acticin pills in the uk purchasing unisom online danazol with no perscription priligy can you order lotensin obagi tretinoin cream 05 prices noroxin dose for pneumonia ordering astelin uk where do i clincin in usa what types of l tryptophan are there claritin price walmart fluoxetine medicine online buy silagra online overnight order chloromycetin rx minocycline for sale minocin dosage rheumatoid arthritis buy bisoprololi fumaras boots pharmacy mentat australia pharmacy liposafe drug in canada pharmacy discount pharmacy buy alli ordering lamictal online what is bactroban ointment 24h pharmacy north london what is the generic name for xenical medicine coumadin therapy elimite canadian medications without prescription cheap diflucan one prescription remeron use in dementia buy valtrex boots pharmacy can you buy hydrochlorothiazide online microzide discount retino a cream 0,025 of canada order levitra professional canada acticin pct buy bactroban prices at costco costco pharmacy v gel price ordering ivenox canada roaccutan uses medication indocin canada online no prescription does generic viagra work gel drugstore methotrexate prices pharmacy beconase aq drugs online purchases best online pharmacy generic metformin caverta for purchase where to buy cefadroxil mg cost of doksazosin lek apo indomethacin 50 mg order zoloft 100mg benzac 20mg tab voltaren 50 novartis motrin uk no prescription finax 5mg tablets how much does abilify cost in canada can you buy strattera in ireland cheap brand name purim kroger pharmacy lagrange ky effexor xr from canada us online pharmacy no prescription alphagan buy aciclovir mg online estradiol valerate dose duphalac perth australia fastest erection packs 3 uk delivery minocin in usa florida detrol buy accutane no prescription viramune roche precio argentina buy tricor astrailia biaxin online without prescription motilium over the counter drugs where do i fasigyne in uk non prescription trial erection packs 1 pharmacy silagra drug canadian pharmacy paroxetine for daily use canada tenormin over counter uk innopran xl uk no prescription diclofenac gel 10 mg generic hydrea safe purchase augmentin in canada cost of bactroban without insurance lopressor roche precio argentina buy cheap augmentin online no prescription voli low cost cipro nord isoptin cheap australia pharmacy purchase effexor xr in india clozaril low dose birth control purchase erection packs 2 in australia tetracycline prescription coupon is mail order meloxicam enolat safe doksazosin lek lowest price online ampicillin generic 500 mg topamax alcohol interaction order luvox on line canada eldepryl no prescription fedex ups wellbutrin sr online from canada trazodone by mail order vermox medication online buy skelaxin tablets online india pharmacies online that sell zithromax claritin spain research grade diclofenac levitra professional brand order zitromax for dogs buy is generic florinef available in usa cialis india safe india mobic price companies fight against cheap indian drugs online pharmacy gasex side effects of levaquin joint pain no prescription brand cialis sale us pharmacy online revia buy zanaflex tablets india buy rythmol sr inhaler canada buy effexor xr mg what is roxithromycin mg used to treat buy sildenafil citrate pills in the uk metronidazole uk sale how to import xenical is colchicina legal in uk alli on line in the usa how to get evista drug eutirox prospecto buy nootropil capsules riperdal australia price order phexin cheap color of bupropion pills zyloprim cost evista medication osteoporosis prinivil side effects long term use buy robaxin hong kong best results viagra cialis silagra best online non prescription pharmacy discount synthroid from usa shallaki for sale canada buying levlen in manchester pharmacy online usa no prescription diovan hct costco use cilest coupon online sale elavil generic for glucophage xr zestril vs generic depakote without a prescription from india haldol discount medications buy medrol dosepak online with out prescription fast flonase delivery total number of pharmacies in canada therapeutic dose of amitriptyline for depression order eurax online no prescription with a echeck buy cheap trial erection packs 1 where can i buy prednisona where can i buy premarin cream what is isotretin made of sleeping pills no prescription needed ceftin online in uk positive reviews generic wellbutrin baridium without prescription pills generic retin a 0,05 safe zestril costco reviews on rosuvastatin combivent udvs ipratropium bromide meclizine pills buy ginseng india pharmacy lopid canada overnight delivery purchase sominex on line in india where to buy lipothin with raspberry ketone mircette buy online ireland generic acivir pills in usa zestoretic online no prescription where can i get colchicine med cab florinef buy avandamet capsules does keflex cause weight gain acheter viagra jelly no scrip protonix cheapest fluticanose tablets uk cheap metformin discount glucophage buyers of lamictal canada salbutamol with no rx cheapest combivent ciplox mg buy elavil 20 mg side effects fast metformin deleviery generic liposafe for sale on line order florinef canada paroxetine cost comparison drugs paxil how much will malegra dxt cost pharmacy buy drugs actos eldepryl lowest price apo furosemida buy online canada no prescription otomax after sex pill prevent pregnancy uk cost of obelit oregon state university ranking computer science buy singulair online without prescription messi stats 2012 13 buy tizanidina mg online renova drug in mexico pharmacy purchase aspirin online order leukeran from india without prescription rogaine 5 tablets price requip online overnight propecia mental side effects viagra professional without lamisil online no prescription the online drugstore actoplus met yasmin cost nz lamictal withdrawal side effects side effects of lopid medication how to import avodart purchase celebrex 100 mg side effects of using asthma inhalers too much remeron mist canada hunters pharmacy windsor canada when will alli be available again in uk cystone suppositories buy canadian pharmacy brand viagra styplon prices wellbutrin depression nhs danazol cheap uk pharmacy get atorlip 10 toronto can you buy aciclovir tablets over the counter uk where can i get himcocid pills is generic cialis safe and effective parlodel online from usa antivert medicines like brand name buy alli bulk fast mircette delivery order generic cardizem cheap pharmacy buy flonase without a subscription proventil for sale pharmacy online metrogel india entocort medication side effects differin no prescription needed canada and delta cortef differin gel uk pantoprazole dose dogs nexium for discount tadacip fda approved to buy without prescription prilosec drug schedule amaryl woldwide shipping buy apcalis sx inhaler canada avodart 0.5 mg soft capsules printable prevacid coupons 2012 erexin v buy india aygestin pharmacy prices list cheapest place to buy estrofem free coupon for phenergan otomax online australia best place to buy naprosyn in india how to buy levitra online can you buy aciclovir genital seroquel pill canadian purchase bupropion sr cipro price walgreens generic viagra online paypal allegra canada companies only reliable canadian online pharmacy no prescription 100mg trental pills sweat buy yasmin online from usa alli com skateboarding where to buy lotrisone online uk buy disulfiramo pills in the australia kamagra gold medication side effects nolvadex from mexico frumil india pharmacy myambutol sublingual dosage anti anxiety medication generic names buy strattera in uk order sertralina on line canada buy generic requip prevacid from usa pharmacy celexa medicine for depression weaning off celexa 20 mg zyloprim on line in the india generic from imuran order levitra super active lowest price what is toprol buy femara online overnight avodart in croatia buy tretinoin 0 025 200 protonix without food terramycin over the counter uk ginseng sale ontario generic name of inderal uroxatral user reviews acquisto acivir pills sicuro online buyers of bupron sr canada can you take cordarone daily actonel pharmacy order nizagara over the counter canada medication from mexico exelon sertralina 50 mg non prescription proventil pharmacy para que se usa wellbutrin levitra professional online pay paypal alli over counter canada generic furosemide 40 mg buy doxazosin patch cheap genuine aricept online ordering haldol mexico raciper birth control online uk doxycycline price per pill cheap viagra tablets uk can you buy cialis over counter spain brand levitra to buy in australia prednisolona online in uk cheap genuine aldactone online frumil prescription trimix diving rebreather depakine chrono for purchase without a prescription pharmacy has best price apo clopidogrel paroxetine weight gain apcalis sx australia price can you get florinef over the counter tenormin on line with no prescription bay prednisone cheapest abilify prices xenical on line in the canada discount allegra d 24 hour better than flagyl zestril pills online in the india doxycycline genrx tablets 100mg where can i buy terramycin online without a prescription cialis over counter uk uroxatral women buy calan no prescription fedex ups order salbumol online no prescription with a amex purchase sildenafil uk chloromycetin canadian medications without prescription canadian pharmacy online minocin buy seroquel xr 300 sertralina no prescription overnight delivery medrol drug in germany pharmacy baclofen online from uk gasex otc europe safe to buy generic geriforte from canada buy phenergan online canada no prescription low estradiol levels menopause cheap viagra plus 40 mg order generic septilin side effects of topamax levitra 20mg cheapest price can you get rebound headaches from maxalt proventil medicine online to buy nizoral buy rogaine 5 have no prescription acivir pills pills sweat lowest priced inderal i pill prozac website snovitra super power discount medications arjuna order by phone alli diet tablets side effects medication for anxiety disorder antivert buy noroxin online uk no prescription buy cialis jelly paypal nizoral australia pharmacy i pill crestor website viagra professional by mail order over the counter drugs similar to viagra super active zyrtec weight gain side effects prednisone for pets levitra manufacturer betnovate tablets uk med cab isoptin generic paxil not working decadron buy australia clomid 50 to buy online worldwide pharmacy orlistat sertralina legal in england esperal on line no script side effects of dulcolax balance amaryl 100mg buy avodart side effects in men what does allegra mean in italian jaunty is it safe to buy viagra online canada lamisil liquid spray cheapest bactrim paypal tadalis sx20 von ajanta where to buy cheap generic procardia solu medrol tablets synthroid perth australia where to get nexium buy aleve from mexico online buy azitromicina australia dramamine no script erythromycin stearate for acne hotel villa cipro venice where can i buy riperdal how much is 100mg of viagra safe to buy generic cialis sublingual from canada female cialis usa cvs prices estrace drug classification purchase brand advair diskus pills dramamine purchase coumadin order by phone the blue sex pill zofran 4mg tablets tadapox tablets on line to buy trial erection packs 1 for sale australia flomax from australia purchase actos 45 mg dyazide india aricept 10 mg cost glucovance medication side effects where to buy fasigyne without a prescription benemid discount code what does a cialis tablet look like buy viagra easy online purchasing celapram online uk best site for clavamox avodart without a perscription canada drugs online without prescription buy sibustat from mexico online is revatio cheaper than viagra buying dulcolax ordering differin can you buy nitrofurantoin over the counter what does the depo provera shot do seroxat paroxetine side effects where do i strattera in mexico celebrex 200 mg side effects lanoxin over counter capoten discontinued duetact trusted online drug stores in canada canada pharmacies online that sell curacne cheap prandin no prescription finpecia online australia buy neurontin online no prescription canada viagra soft over counter chloramphenicol for purchase without a prescription buy torsemide boots pharmacy best site to buy brand cialis canada pharmacy no trial buy artane mg what does allegra allergy minomycin no prescription needed dogs adam richman man vs food healthy advair diskus discount best pharmacy drugs in thailand ditropan where to purchase buy prednisone online from india buy alli tablets australia cheap sildenafil what are the side effects of cytoxan finast for purchase viagra effects in men possible side minocycline 100mg capsules dosage buy keflex tablets australia cymbalta side effects in women weight gain almetec discount no prescription generic proventil albuterol salbutamol buy simvastatina singapore canadian pharmacy professional 10mg levitra online aciphex vs nexium non prescription celapram pharmacy fertility drugs for sale 2011 motrin on line in the usa prednisone 100 mg per day how to by triamterene online viagra for women buy online buy medication online no prescription australia micardis buy india reviews on fasigyne risperdal online pay paypal buy cialis jelly greece oestrogel to buy in the uk without a prescription zyvox dosage children gram my brand cialis coupons metronidazole cheap uk pharmacy pill rx health order furosemide products pharmacy buy drugs phenergan drugs similar to oracea best generic diclofenac sites pariet trusted online drug stores in canada advair diskus over the counter cost of mail seroflo pill rx health cozaar products emoquette fast usa estrofem birth control online mexico prednisolone generic 2013 drugs online erection pills allopurinol billig kaufen remeron without rx genuine cymbalta 100mg buy feldene australia what is amoxycillin for where can i purchase erexor pills that can get you hard la pharmacie middlesbrough menu rogaine 2 online store cardizem best price terramycin drugs com discount tizanidinum from usa dog medicine online uk positive champix reviews digoxin order canada trazodone medications birth control pills vytorin canada pharmacies online that sell oristal alli thyroid medication how much gabapentin to take to get high levitra super active generic cheap costs cialis viagra levitra pack paxil perth australia where to get apo clopidogrel pct order oracea rx buy inderal pills in the india carvedilolo from canada without rx cheap atacand mg what is confido for how to get rid of scars after accutane keftab lawsuit canada oder mg tablets of tamsulozin no prescription lopid sale what is the definition and example of alliteration arava costco levitra super active no prescription cialis viagra plus to buy in the usa without a prescription what is neurontin tablets used for entocort mail order generic zyprexa price buy raciper without prescription diclofenac gel birth control online us buy cymbalta without prescription licensed pharmacy colchicine zanaflex buy on line buy cefixime mg online for nizagara tablets for sale altace echeck zyprexa discount how to purchase cleocin gel ventolin syrup storage cialis usa no prescription discount pharmacy tijuana mexico tenormin overseas resources for glucotrol xl herbal viagra online uk i pill zestoretic website lisinopril thiazide priligy dapoxetine side effects augmentin duo forte what is it for ordering kamagra online jelly buy tofranil tablets canada disulfiramum shelf life where do i raloxifeno in australia long term side effects of lopid mevacor fast uk buy live lobsters online methotrexate and diet pills national socialist movement usa how long does it take for strattera to become effective no prescription order innopran xl buy viagra jelly 100 buy avodart next day decadron como se usa buy cialis online prescription red korean ginseng sale where will you buy viagra over the counter in canada lithium for sale uk oracea where to get asacol from canada chloramphenicol generic cheap costs glucofage without prescrip lipo injections for weight loss cost naprosyn shortage permethrinum for sale australia tadacip no prescription fedex ups aciclovir from canadian pharmacy can i order valtrex online flovent cheap price order lithium online uk buy kelnor tablets canada buy amoxiline usa generic voltaren uk paypal grifulvin v on the internet diflucan medication take glucotrol brand positioning generic anteovin in usa liquid ceftin review meclizine 25 mg no prescription lipitor online canada fast delivery buying caffeine ergotamine minipress direct pharmacy non persciption lamisil advair discount no prescription i want to buy mestinon leukeran spain oxybutyninum online uk safe buy levitra plus online viagra super active for sale usa caverta delivery london emoquette no script ordering key pred mexico oder mg tablets of almetec desyrel cheap india pharmacy buy innopran xl tablets uk januvia roche precio argentina canada buy clincin without prescription where to buy bactrim ointment buy nolvadex pills in the india comprar zyprexa pela internet donde comprar periactin diakof usa sale birth control pills speman misoprost medicine children order viagra sublingual without prescription best generic kamagra oral jelly sites generic rumalaya buy canada discount remeron canada where to buy baclofen online india safe to buy generic lipitor from uk bentyl canada purchase zyrtec online ordering levothyroid on line brand tadapox buy zaditor side effects long term use how long does it take for abilify to start working how much is feldene tablets lariam where to get bupron where can i buy toprol xl annual sales mg reviews on hoodia 800 plendil online shipping fast clomid delivery tamoxifen pharmacy order cheap doxycycline 50mg retino a cream 0,05 not generic bactrim ds dosage sinus infection where can i purchase pamelor propranolol pills online in the uk buy cefixime perth australia homeopathic medicine to gain weight buy aprovel canada maxalt to buy in the usa without a prescription buy generic deltasone online with prescription half price methotrexate plavix mg order uk buy zyrtec without prescription oder mg tablets of fluoxetina isoniazid 20mg tab is ordering viagra online safe doctor trial erection packs 2 shopping clomid cycle day 3 or 5 didronel sale cozaar medication assistance baridium canada online no prescription cost of mail key pred do you need rx penegra diclofenac order canada 1st online meds reviews ciprofloksacin with no subscription augmentin without prescription buy starlix boots pharmacy buy genuine micronase uk minocin pills buy what is levothyroxine tablets used for purchase retin a 0,05 on line in usa toprol online erection packs 3 for sale birth control pills micardis store generic lipitor 3 types of analgesic drugs isotretin best online non prescription pharmacy cheap medications walmart half price erection packs 2 buy benadryl for less buy alesse pharmacy cod buy rocaltrol boots pharmacy online carbozyne purchase costco pharmacy retin a 0,05 price indocin mg mexico haridra cheap uk blopress for sale australia hydrochlorothiazide cost in canada blopress plus nebenwirkungen aldactone for sale philippines para que serve remedio cloridrato de sertralina buy aciphex europe buy cheap generic atacand online trental discount no prescription where to buy estrofem drugs online costco pharmacy estro price safe to buy generic propecia from canada is generic anastrozole as good as arimidex order beta val from mexico without prescription keflex purchase buy cheap robaxin flomax and avodart combination get vistaril las vegas priligy for sale zoloft insomnia how long generic for bupropion xl comanda regenon online ultra low dose pravachol best drugstore mascara for length 2012 methotrexate usage zebeta comprare tetracycline no prescription compare prices bupron where to buy in canada doxazosin for sale uk where to buy prevacid solutabs what is the medicine doxycycline hyclate used for buy aricept online uk no prescription grunenthal thalidomide compensation aron levitra wiki genuine fluss 40 best price oratane noprescrition needed canada online pharmacy generic for detrol medication canadian tadapox viagra super active to buy in the uk without a prescription order cialis sublingual online no presctiption meclizine hydrochloride australia order procardia online no presctiption erexor male enhancement reviews buy metrogel without a subscription metformin tablets buy benicar hct canadian pharmacy can we trust terramycin online original yagara online buy rumalaya gel pills buy cialis professional tablets uk risperdal mg no prescription albuterol inhaler buy online health canada triamterene colchicine cost increase what is olanzapine mg used to treat citalopram medicine side effects order snovitra super power on line usa order cialis professional rx best zestoretic prices genuine sinequan best price can you get geriforte syrup buy renova with paypal buy lioresal with paypal health canada synthroid viagra tablets price in karachi is seroflo legal in uk quanto costa il cialis originale in farmacia acheter pas cher dapoxetine erythromycin stearate dosage can i get high off olanzapine lopressor generic uk ordering nexium samples buy clomiphene tablets uk ventolin overdose treatment allopurinol to purchase without a prescription order desyrel pill differin gel 0.1 generic pharmacy that sells ephedraxin tinidazolum generic name capoten online purchase pulmicort buy without can you get dapoxetine healthy male waist where glucophage can i buy kamagra in uk global pharmacy canada coupon code 2012 buy cheap flexisyn using pay pal altace visa usa buy sepibest without prescription actoplus met brand order buy percocet pills in the uk where do i metformin in australia herbal tea suppliers ireland cymbalta discount coupon code can you take obelit daily key pred tablets side effects torsemide looking for purchase cystone online order stromectol on line india buy generic vistaril online no prescription apo furosemida mg no prescription discount levitra prices order atorlip 20 online with visa cardizem discounts decadron 100 review alli diet pills reviews 2012 cheap aspirin pills research grade atomoxetin buy mevacor bulk chloromycetin pills online in the usa ordering complex generic diabecon avodart fast usa prednisone buy online canada clomifene for sale australia best place to buy alli in canada methocarbamol high 750 mg where to get ginseng wow clomiphene citrate fsh challenge european journal of hospital pharmacy bmj citalopram cost canadian cephalexin dosage recommended xenical available ireland levitra roche precio argentina pill rx health kamagra oral jelly products buy flomax new zealand online buy arimidex 1 mg 24 hour viagra delivery phone in order for lexapro generic form for celebrex methotrexate usa pharmacy cheap endep usa provera 10mg tablets the drugstore cowboys uk buy online lasix generic mometasona delivery uk artane dose range buy cardura with duprost no prescription key pred roche precio argentina ou acheter du bon ginseng cardura with no perscription doxycycline sale uk what is the generic name for ditropan what does voveran online no prescription uk for skelaxin does methotrexate make you gain weight purchasing gabapentine online uk moduretic no script order asacol pills alti doxycycline from canada furosemide 20 mg tablets for dogs order coumadin without prescription when to start taking nolvadex pct buy antibiotics online from india prescription flomax available over counter combivent without a script safe kamagra no prescription online pain pills no prescription over the counter medicine that acts as elocom buy abilify 200 mg birth control pills sumycin order curacne from mexico without prescription buying metformin online in uk danazol to buy in the canada without a prescription trial erection packs 1 wholesale canada pharmacies online that sell artane meloxicam enolat to buy viamedic legit indian generics online thyroxine cialis super active offerte italia half price seroquel where to buy olistat online mexico pastillas para mantener la ereccion peru biaxin online coupon code pyridium tablets online where to purchase diabecon prednisolone canada overnight delivery retino a cream 0 025 over the counter side effects of taking dulcolax tablets printable coupons alli weight loss system buy advair diskus low cost how to order viagra super active single dose doxycycline prevention lyme disease augmentin from canadian pharmacy buy zoloft online overnight delivery chelsea drugstore band mirapex lowest price online bupron canada pharmacy non prescription saw palmetto pharmacy suhagra discount voucher otomax online from india pharmacy has best price zerit where to get calan pct cvs pharmacy toronto canada can you get extendaquin levothroid online ordering can buy retino a cream 0 05 online tinidazole uk sale purchasing metformin online uk discount orlistatum mg is mail order delta cortef safe side effects of yasmin 28 birth control broad spectrum antibiotics examples xalatan overnight pharmacy seroquel xr wikipedia liquid septilin review discount stediril from canada best place to order levitra super active in us cheapest place to buy frusemide doxycycline australia price what is the smallest piece containing the ampicillin resistance gene can i order coversyl online best place to buy prednisolona in india fasigyn price india aricept online from uk buy generic sominex drinking alcohol while on ceftin xenical fast uk celebrex canada head office where to buy alti doxycycline mg online drug for sarafem geriforte fast uk alli generic 2013 drugs astelin buy online us best place to buy levaquin in usa buy differin gel cheap serophene mexico no prescription buy norvasc lowest price sodium diclofenac dosage 50mg prinivil tablets buy best place to buy sominex in mexico buy amaryl online in the united states without a prescription bactrim ds reviews lasix us pharmacy buy artane pills in the canada prevacid pct buy buy clincin online india viagra super active drugstore com pricing mexico pharmacies online that sell baridium buy tetracycline inhaler canada citalopram no prescription uk online pharmacy can order luvox online losartan dose pediatric lexapro weight loss 2012 clavamox pharmacy mail order cheap price prilosec tegretol worldwide shipping fast cymbalta deleviery suprax cheap india pharmacy detrol side effects dementia alli weight loss usa best site for oestrogel what is nexium ec tablets can you buy seroflo gyne lotrimin no prescription needed clavamox pills online in the uk buy pyridium 100 mg us online pharmacy no prescription plavix generic norvasc manufacturers med cab cefadroxil buy torsemide australia aceon tablets online abana canada head office order rosuvastatin in crestor online buy albuterol online canada no prescription buy pyridium australia generic bactrim cost tizanidina from china oxycodone 512 pill identifier valacyclovir hcl 1 dosage for cold sores glucovance no prescription compare prices brand name serevent online zestril lisinopril dosage to buy combivent in uk over the counter drugs similar to sildenafil citrate where to buy mevacor mg cheap duetact delivered overnight risperdal no prescription needed dogs acivir pills lawsuit settlements retino a cream for sale uk discount beta val otc florida detroit diesel allison jacksonville fl ginseng seeds for sale ny zyrtec generic walmart buy amoxil cheap 500mg buy actos online overnight best site get bystolic fastest amlodipinbesilat uk delivery what does motilium do levitra 40 mg online is nizoral legal in uk to buy malegra fxt warafin over the counter drugs femara drug in canada pharmacy isotretin for sale uk floxin for sale usa buy viagra jelly 200 anacin ordering no prescription cephalexin without rx how to take arimidex mg online pharmacy canada viagra buy fluconazol uk methotrexate from usa erection packs 2 on line no script buy cardizem online at canada pharmacy malegra dxt online usa no prescription movalis india pharmacy diovan drug in germany pharmacy order tegretol no rx canadian pharmacy asacol 40 mg pharmacy advair diskus without a prescription from canada buy mobic online overnight delivery tegretol xr rxlist best site to buy frusemide veterinary pharmacies online buy valtrex no prescription fast delivery what is the correct dosage of dipyridamole buy coreg online discount canadian pharmacy reglan order proscar from usa without prescription over the counter actonel diakof for daily use canada seroquel weight gain aricept mg mexico prescription prilosec dosing long term side effects of metformin use hoodia prix en pharmacie en france salbutamol online generic ginseng us buy haldol mexican pharmacies aygestin 100mg cheap where can i buy methotrexate in the philippines premarin discount card disulfiramo uk next day delivery diovan noprescrition needed canada online pharmacy buy januvia online india no prescription levitra super active where can i buy cheap navy blue pillar candles terramycin 100mg cheep diflucan reviews for yeast infections duprost from canada without rx cialis over the counter countries viagra jelly prices at costco zaditor overnight delivery without a script buy accutane online where can i buy sominex pillows erythromycin side effects babies is it safe to order purim safe place order parlodel cialis20g buy cheap albendazole using pay pal cialis discounted best place to buy sumycin in india ciplox india no prescription erexin v fast canada can you buy minocin online alli diet pill coupon printable purity hyaluronic acid reviews predalone usa no prescription purchase diamox in canada no prescription delta cortef can order albuterol canada bactrim pills side effects luvox prescription only accuran to buy in england canada and levlen lortab 5 325 mg kamagra oral jelly buy without renova usa no prescription top ten pharmaceutical companies india 2011 seroquel xro mais barato buy endep patch when is aricept going generic cheap clomid com pharmacy low cost allopurinol buy antara canada generic alti doxycycline canada comprar avapro original en madrid order clonidine on line uk purchase ciprofloksacin online molecular weight of azithromycin dihydrate hytrin mg buy mail order keppra generic synthroid no prescription aldactone comprar rythmol sr no rx plavix buy online australia zestril generic name what is capoten made of lowest priced brahmi hoodia generic cheap costs paroxetine usage permethrin 5 percent lice entocort no prescription compare prices purchase trental in canada atorlip 10 on line in the canada buying betapace how to get minocycline drug para que sirve el eritromicina 500 mg purchase ayurslim in uk prilosec mail order viagra for sale no prescription uk prandin from europe purchase cheapest chloramphenicol prices dutas uk companies only ciprofloksacin buy online us
Wednesday, January 28, 2015
Text Size

Search our Site or Google

The Seven Sins of GLD

Articles & Blogs - Gold Commentary

User Rating: / 622

Given my scathing criticism of most (so-called) “bullion-ETF's”, I frequently get reader questions about the “prospectus” of one fund or another. I freely confess to not having read these documents. My (stated) reasons for not doing so are that I do not, and would not hold such investments, and that I have already provided enough reasons to doubt the legitimacy of these investment vehicles that such an analysis would be moot.

However, at the persistent urging of one reader, I finally caved-in and went through the prospectus of The Mother of all Bullion Scams: GLD. It was at this point I had to deal with my third, unstated reason for avoiding these documents – they make your head hurt. This is especially true for those with a background in law, as we have been trained to attempt to discern the “intent” of every word of such documents, which means attempting to reconstruct the thinking of the lawyer(s) at the time the document was drafted.

At first glance, the SPDR Gold Trust (which trades under the symbol “GLD”) is the epitome of simplicity. In the first paragraph of the Prospectus Summary, it states:

The Trust holds gold bars...”

Then, a few paragraphs later, is a section titled “Trust's Gold Holdings as of March 31, 2010”. It lists the total holdings as approximately 36.5 million ounces, almost all of it in “allocated” gold bars. So far, so good...The problem is that as soon as one scratches the surface, to attempt to verify that this ETF-behemoth is actually the straightforward “trust” that is presented, we immediately encounter one serious issue after another, which I am labeling the “seven sins” of GLD.

1) Lack of transparency:

In the page which immediately follows details of the Trusts “gold holdings”, is “The Offering”. In that section, it lists the total number of units of the Trust. Two facts leap out at us. First, the total number of units is over 390 million, with the date of that total being May 26, 2010.

Given that GLD is priced, and presented by the media as one unit equaling 1/10 ounce of gold, we immediately see that there are 7% more units than there should be at that rate of conversion, or in other words, the units clearly represent less than 1/10 ounce of gold. The problem is that it is impossible to determine precisely how much less, because of the inexplicable gap in reporting.


Total gold holdings” are reported only up to the end of March. Presumably, the “custodian” of all that bullion (the infamous bullion-short, HSBC) is keeping track of the bullion it stores in its vault, and thus the time it would have taken to get “total gold holdings” up to May 26 (to synchronize the dates) would be the time it takes to send a fax. Clearly, the fund's Sponsor (none other than the “World Gold Council”) refuses to provide synchronized dates, to make it impossible to ascertain the amount of “dilution” in the fund, or (alternately) the precise “premium” which new unit-holders are paying when they buy in.

Similarly, if this fund were really the simple “trust” which it pretends to be, it would have been very easy for the Sponsor to say that the “objective” of the Trust was to provide “a cost-effective investment in gold” for unit-holders, but the fund deliberately avoids any such language. Instead, it defines the Trust's “investment objective” as merely to “reflect the performance of the price of gold bullion”.

It then immediately goes on to say:

The Sponsor believes [emphasis mine] that, for many investors, the Shares represent a cost-effective investment in gold.”

The choice of wording here is enormously important, given that in the preceding page of the prospectus, the word “believe” is expressly designated as a “forward-looking statement”. It then says that with respect to all such “forward-looking statements” that:

They are only predictions. Actual events or results may differ materially.”

Given my background, I fully understand the necessity of including such legal “weasel words” with respect to any statements made in the prospectus concerning future developments in the gold market, such as the price of gold itself. However, with respect to the current holdings in the fund, how can the Sponsor merely “believe” that units represent “...an investment in gold”?

Defenders of this ETF will argue that the Sponsor's “belief” is with respect to “a cost-effective investment in gold”, and thus the Sponsor is unable to warrant that GLD will be “cost-effective”. However, insertion of the words “cost effective” is totally voluntary. The only “warranty” which the Sponsor has chosen to provide (i.e. the “investment objective”) is that the fund will “reflect the performance of the price of gold bullion”. Whether or not there is (actually) any gold in this fund is merely a “belief” of the Sponsor, and thus may not be relied upon by unit-holders.

To provide a hypothetical example, suppose that the “custodian” for the fund (the notorious bullion-short, HSBC bank) has done extensive research and found that the price of chickens tends to be almost precisely correlated with the price of gold (i.e. they closely track each other). Given that HSBC has other things it would like to do with its gold (such as dumping bullion onto the market, or backing its massive short position), it decides that instead of going to all the bother of acquiring and storing such a massive quantity of gold that it will buy and hold chickens instead.

While much bulkier than gold, the “storage costs” associated with stationing a sleepy, security guard outside the freezers of a few meat-packers certainly cannot compare with the overhead of managing a bullion-vault capable of storing billions of dollars worth of bullion, not to mention the logistical costs associated with transporting (and insuring) all the bullion being bought and sold by this massive fund.

Critics will scoff at my hypothetical example as being too absurd to be of any analytical value, since if GLD was actually holding chickens instead of gold, then the Sponsor would be sued, and/or the “custodian” of the fund. This brings us to the second “sin”.

2) Damages:

Even without reading the prospectus, I have warned unit-holders that if there was some fraud or default associated with the fund, that all that unit-holders would ever be able to recover from the fund is “paper”. In other words, they could sue to get their (paper) money back, but they could never sue to force the Sponsor (and/or “custodian”) to provide them with the gold they thought they had bought. Such a legal remedy is known as “specific performance”, and (under the best of conditions) is a relatively rare outcome to any civil action.

Given this underlying reality, the language used in the Prospectus to protect the Sponsor and the “custodian” (HSBC) from liability can only be characterized as “over-kill”. Not only does the document seek the normal waiver with respect to “acts of God”, “war”, or “terrorism”, but it also seeks to indemnify both the Sponsor and custodian from “fraud”, “negligence”, or “willful default”.

Specifically, even under the worst acts of malfeasance, investors could never recover anything other than the “market value” of their holdings (i.e. paper money) as of the day the fraud was discovered, or default occurred. While (to some extent) language like this is common in such legal documents, we must attach considerable importance to the deliberate choice of the words “willful default”, rather than just the generic term “default” - which most reasonable readers would assume would imply some involuntary event.

Instead, if HSBC defaults on its custodian agreement, and even if it actually did have enough gold currently in its possession to cover its obligation, it could simply refuse to turn over the gold it held. Suddenly, my example of the hypothetical chickens doesn't sound quite so preposterous. In the event of a willful default, it could liquidate its chickens to cover its “custodian agreement”, keep all its gold – and unit-holders could do nothing.

3) Structure:

GLD does not sell its “shares” directly to unit-holders. I hesitate to use the word “shares” to describe these units (despite how the Trust does so again and again) because the Prospectus clearly states on many occasions that unit-holders do not possess many of the rights of a normal shareholder. It is hard not to construct the analogy that GLD sells “shares” that aren't really shares, as an equitable interest in “gold” that isn't really gold.

Beyond that, GLD has chosen to market its shares exclusively in “baskets”, with each basket having a current market-value of over $10 million. Only those institutions capable of buying these $10 million “chunks” of units are able to directly retail them to the general public. This seems like a deliberate device for steering most of the commissions for the purchase of these units to big-banks. Presumably, smaller institutions could (in turn) pick up smaller blocks for themselves – but only from the big banks (who presumably take a “cut” for themselves at that point).

This needless injection of extra banker commissions is clearly a cost which must ultimately be passed along to unit-holders – despite the appearance that GLD is the “cheapest” way to buy/own “gold”, and brings us to our next “sin”.

4) Fees:

As stated earlier, the Sponsor of GLD certainly wants to create the appearance (or “belief”) that GLD is a “cost-effective” means for investors to buy/hold gold. Media talking-heads and a legion of investment shills depict each unit as representing 1/10 ounce of “gold”, making the administrative fees of the fund appear to be near-zero. Indeed, I have referred to that outward facade as yet another reason to doubt the legitimacy of the fund. However, the truth is that no one (outside of the fund) can ascertain the precise quantum of fees, due to lack of transparency.

It is here that we come to another inexplicable “reality” with this fund: ever-increasing administrative costs. Keep in mind that the entire purpose in designating one of the largest offenders in gold-manipulation as “custodian” for this supposed hoard of bullion is “economies of scale”. If you're going to hire the fox to guard the hen-house, then at the least the fox should give you a better rate (per hen) as the flock that it is “guarding” grows larger. This is not how GLD operates.

It explicitly states that (over time) the gap between the 1/10 ounce of “gold” per unit which it is purported to hold, and the actual amount of “gold” actually held by unit-holders will steadily increase. This makes no sense. Indeed, the only justification for having a “custodian” hold the Trust's “gold” is that it should minimize administrative costs.

If the fund were “actively managed”, that is, if it was continually active in the gold market buying and selling gold to look to capitalize on imbalances/opportunities which occasionally present themselves, then it would be understandable how administrative costs would/could increase over time as the fund grew larger. However, the Prospectus explicitly states that the fund is not “actively managed”. Given that, in even a worst-case scenario per-unit administrative costs should be flat, but more likely “economies of scale”should operate to reduce those per-unit costs.

This leads to one of two implications. Either the Sponsor or (more likely) the custodian simply plans to “skim more off the top” for itself each year, or the “gold” in HSBS's vault is “evaporating”, causing the actual amount of “gold” held by unit-holders to steadily decrease over time. What should greatly alarm current unit-holders is that the long-term (guaranteed) rise in administrative “costs” is currently being hidden for the first seven years of this fund's existence, because there is a “cap” on those fees. When this seven-year period expires on November 11, 2011 (or the 11th day, of the 11th month, of the 11th year) we can only refer to this event as...

5) “D-Day”:

Readers can choose what they want the “D” in “D-Day” to represent, with my own suggestions being “default” or “destruction”. Indeed, the deliberate choice by the Sponsor of such a memorable date for termination seems to indicate that they expect this date to represent a dramatic event in the evolution of this fund.

Given that there is no economic reason for the Trust to incur ever-increasing costs, the fund is essentially being “managed” according to “principles” very similar to those of a Ponzi-scheme. Specifically, only those buyers who get in (and get out) early are able to extract their undiluted gains in this fund, with later buyers receiving less “gold” when they buy in, and even less than that when they subsequently dispose of their units.

Given the deliberate lack of transparency of the fund, the price-gouging fee structure, and the clear warning to unit-holders that “all bets are off” when the 11th day of the 11th month of the 11th year arrives, surely even those unit-holders who have remained oblivious to the many reasons to question this fund won't be reckless enough to continue to hold those units until “D-Day”?

6) Quality:

By now, every investor even pondering investing in gold bullion has heard the rumors of “tungsten-filled” gold bars being littered about various gold vaults around the world. What is the attitude of GLD's Sponsor and custodian regarding this rumor? To sum it up in three words “ignorance is bliss”. Neither the Sponsor or custodian will guarantee that any of the “gold bars” it claims to possess today are legitimate, despite the fact that such testing is both relatively quick and easy. (Of course, if GLD is actually holding chickens instead of gold, then “testing” for tungsten-fillings would be totally unnecessary).

7) Custodian:

The World Gold Council, who “sponsors” GLD is itself an association which primarily represents the world's largest gold-miners, who founded and funded it. As I have written previously, these mining companies have a “long relationship” with the handful of “bullion banks” in the world – in much the same manner that victims of serial child-abuse often have “long relationships” with their abusers.

Given that “checkered” past, and given that a close examination of the fund reveals that there are no long-term economic benefits in entrusting $10's of billions of investor dollars to the promises of bankers (see “Morgan Stanley Pays Damages for Precious Metals Fraud”), the choice of the world's largest “shorter” of gold as “custodian” for this fund is nothing less than Machiavellian. Indeed, it follows the pattern of abuse-victims in giving their abuser additional opportunities to commit further crimes.

While I hope that my analysis of the GLD prospectus can help investors to avoid the obvious dangers of this fund, it really shouldn't be necessary. This is a document which screams caveat emptor (“buyer beware”) in almost every paragraph. We already know that a “fox” has been put in charge of the “hen-house” - and for all we know that “hen-house” may (in fact) actually hold nothing but hens.

Comments (21)Add Comment
Jeff Nielson
written by Jeff Nielson, August 03, 2010
Sssd, I stress in my commentaries that the "physical" bullion we are accumulating is "insurance" in the most-literal sense of the term. In a recent commentary, I suggested that (long-term) people should be thinking about "spending" rather than "selling" their bullion.

(see "Preventing Your Government From Stealing Your Gold" http://www.bullionbullscanada....Itemid=131)

If what you REALLY want to do is TRADE gold, rather than accumulate bullion as "insurance", then you have to stay with "paper gold", since it is much too cumbersome (and expensive) to "trade" the actual metal.

On the other hand, for all the "traders" out there, why risk trading in risky vehicles like GLD, when there is (literally) more than a hundred gold miners to choose from, at various stages of development, providing a near-infinite selection in risk and leverage?

You get "natural leverage" with the miners - without having to use margin, or other risk-increasing strategies which ARTIFICIALLY increase leverage.

"A Novice's Guide to Precious Metals, Part II: the miners"
written by sssd, August 03, 2010
Great info., would love to buy physical gold but can we have an article on how to sell for spot? seems like that's the biggest problem with the "real" stuff. Any suggestions?
Jeff Nielson
written by Jeff Nielson, July 17, 2010
Sorry Alpha but I'm not familiar with how Soros has handled his gold investments.
written by alpha, July 16, 2010
I believe GLD is the ETF in which George Soros has invested heavily, and from whom the ETF has derived much credibility. Has anyone ever had any comments on that endorsement?
Jeff Nielson
written by Jeff Nielson, July 11, 2010
Sorry, Beach Bum - sometimes you focus upon one aspect of a question to a degree which causes you to forget the other parts.

With respect to damages, this is the entire problem with ANY fund which has a "custodian" (i.e. a third-party with no DIRECT ownership-interest in the fund). As I said in the commentary, judges are ALWAYS very reluctant to demand "specific performance" (i.e. forcing the custodian to produce the amount of gold supposedly being held).

What this means is that damages can NEVER be written in a way which will protect investors - other than simply giving their paper back to them. This is the fundamental problem with bullion-ETF's or even "allocated" gold accounts. If the party holding YOUR gold defaults, it's almost certain that all you will ever get back is paper.

However, what makes GLD especially bad is how it deals with the issue of liability - where it expressly allows the custodian to engage in "willful default" (simply REFUSING to honour its contract). The one situation where a judge MIGHT order "specific performance" with respect to a custodian agreement is when its known that the custodian is holding enough bullion to honour the contract, but simply doesn't want to.

For a WILLFUL breach of contract, no responsible party would/should EVER enter an agreement which permits the other side to simply "walk away" from the deal anytime, for any reason - and the offender only has to refund the PAPER which was originally invested.

In fact, in such situations of "willful default", "punitive damages" are nearly automatic - for obvious reasons: contract law is intentionally designed to encourage compliance with contracts and to CERTAINLY punish those parties who refuse to honour their agreements.

Beach Bum
written by Beach Bum, July 11, 2010
Jeff, my question specifically related to your #2 problem with GLD. How could they have written the liability and damages section to avoid your worries about it.
I'm not so worried about their listed fund "objectives". I understand they have to use the legal "weasel words" to cover their butts. That's the fault of the legal system, as you state.
Jeff Nielson
written by Jeff Nielson, July 10, 2010
I'm afraid we have only the LAWYERS to blame for the length and complexity of documents.

Here's how this devolution of contractual language occurs. A lawyer originally drafts a document using normal, understandable English. Then, 100 other lawyers start some kind of litigation based solely on trying to twist the plain meaning of the original words.

Out of those 100 lawyers, 10 will be successful. And thus the NEXT time a similar document has to be drafted, it will be ten times as long (lol). And THEN 100 lawyers will start some litigation involving the NEW contractual language - and the whole legal "merry-go-round" starts again, with the lawyers getting paid MORE each time the contract gets longer.

The lawyers are ALMOST as good at "wealth extraction" in our societies as the bankers. Compared to those two groups, doctors are a distant third.
written by Grumley, July 10, 2010
"litigious" dammit
written by Grumley, July 10, 2010
Let's not forget that how we approach a contract is just as important as how we "word it". How many of our problems can be related to how letigous we have become? The US Declaration of Independence from Britain was three pages. THREE PAGES. Our new Health Care and Financial Regulation bills are each over 2,000 pages. Further how many of our grandparents would have signed a mortgage contract that was over 100 pages long and never actually revealed how much they would end up paying?

I have to believe that when the dust settles, the collapse has to return us to a more accountable mentality. Continuing to allow people and corporations to escape responsibility by use of legal loop holes is just as "morally" unsustainable as our current financial system is mathematically.
Jeff Nielson
written by Jeff Nielson, July 10, 2010
That's certainly a fair question.

When the "investment objective" was stated, that should have been an UNEQUIVOCAL statement of GOLD OWNERSHIP, not some weak B.S. about merely tracking the PRICE of gold. Thus instead of the statement that "the Trustee BELIEVES this fund represents a cost-effective investment in gold", it should have read as follows:

"The investment objective is to provide OWNERSHIP of gold for unit-holders. The Trustee BELIEVES this fund represents a cost-effective option to hold gold."

In other words, the only place where unit-holders can tolerate a mere "belief" (which the fund clearly states they CANNOT rely upon) is with respect to GLD being "cost-effective" - since the fund managers cannot KNOW that GLD will be the lowest-cost choice for owning gold.

What cannot be tolerated by unit-holders is that the "investment in gold", itself is a mere "belief" of the fund managers, and may not be relied upon by investors.
Beach Bum
written by Beach Bum, July 10, 2010
Jeff, given the problems you cite with #2 Damages, how would you, with your legal background, have written the prospectus to better protect the average investor as it relates to willful default, fraud and negligence. It seems that the GLD language is fairly standard with regards to those items, but there must be a better way.
written by mikem54321, July 10, 2010
techperson-- I assume it is you that stated, "GLD is audited by Deloitte & Touche. Gold is counted twice a year; every bar at fiscal yearend, and a statistically random count in the spring, with the Trustee records reconciled to the Custodian records and to the physical gold bars. The count is done by Inspectorate International Limited. No anomalies were found."

Can you supply some verification links to these statements please? Thanks in advance. --Mike
Jeff Nielson
written by Jeff Nielson, July 09, 2010
Nice to see you HERE, HA65MPH!
written by HA65MPH, July 09, 2010
GOOD AS ALWAYS JEFF !...smilies/smiley.gif
Jeff Nielson
written by Jeff Nielson, July 08, 2010
Hockmir, I don't have a problem with the miner-ETF's, in fact I think they are a great vehicle for those investors who want exposure to the miners (since they provide natural leverage on the price of gold), but who are not (yet) familiar with these companies.

That said, I have a definite preference for junior producers (since there are less hedge-book "surprises") so I would recommend GDXJ ahead of GDX. Indeed, with the juniors you NEED to hold a basket (as Hockmir already has done), while with the large caps, you SHOULD be more selective - since there are definitely companies to steer away from among the large caps.
written by hockmir, July 08, 2010
Following one step further into the logic of this discussion, I have decided to sell my GDX and GDXJ holdings. Just as GLD is alleged to provide a surrogate to owning the physical metal, GDX and GDXJ ETF's are alleged to provide a surrogate to owning Miners or Junior Miners. As I already own a basket of Miners and Juniors anyway, I will be redistributing the funds that I had in GDX and GDXJ directly into some other Gold and Silver issues.

Its not a bad time in the swing of the the market to do this anyway.
Jeff Nielson
written by Jeff Nielson, July 07, 2010
Techperson, please explain to everyone here why the TRUSTEES of this fund have entered into a "custodian agreement" with HSBC which makes provisions for a "willful default" by that bankster.

If I ever held units in a bullion ETF, it would be in one where the Trustee(s) is more concerned with protecting unit-holders than their bankster buddies.
written by techperson, July 07, 2010
Jeff, this silliness is beneath you. Trying to find bogeymen in boilerplate legal language is goofy. The only serious question is: Is the gold there, allocated, numbered, in the vault, counted and audited? The answer, as you know, is absolutely yes.

All the gold bars in GLD are allocated and in a London facility. The GLD prospectus says: “The gold bars in an allocated gold account ar specific to that account and are identified by a list which shows, for each gold bar, the refiner, assay or fineness, serial number and gross and fine weight. Gold held in the Trust’s allocated account is the property of the Trust and is not traded, leased or loaned under any circumstances.”

GLD is audited by Deloitte & Touche. Gold is counted twice a year; every bar at fiscal yearend, and a statistically random count in the spring, with the Trustee records reconciled to the Custodian records and to the physical gold bars. The count is done by Inspectorate International Limited. No anomalies were found.

So in order for there to be a shortage of physical gold in GLD, all of the following would have to be in cahoots:

State Street Global Markets, the sponsor
Bank of New York, the Trustee
HSBC, the Custodian
Inspectorate International, the inventory counter
Deloitte & Touche, the auditor
And a couple of law firms, I’m sure

Tell me again why you are worried about “paper” gold?
Jeff Nielson
written by Jeff Nielson, July 07, 2010
Thanks for the comments. Yes, GATA has been very supportive in publishing our material - and we definitely appreciate the exposure we get there.
written by KKPSTEIN, July 07, 2010
Nice one Jeff - This was just featured on GATA's site.
written by Grumley, July 07, 2010
Excellent breakdown Jeff. Thank you for taking the time for those of us without a legal background. I shudder at the thought of what lies ahead for these poor "shareholders".

Two words of advice: BAT CAVE

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.


Latest Commentary

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12

Latest Comments


BullionBullsCanada.com is not a registered investment advisor - Stock information is for educational purposes ONLY. Bullion Bulls Canada does not make "buy" or "sell" recommendations for any company. Rather, we seek to find and identify Canadian companies who we see as having good growth potential. It is up to individual investors to do their own "due diligence" or to consult with their financial advisor - to determine whether any particular company is a suitable investment for themselves.

Login Form