The GLD Joke and Bob Pisani’s Famous Gold Bar

In case you don’t recall, last August CNBS had its favorite son Bob Pisani engage in a little stunt where he supposedly went to the GLD vault to prove that the gold is really there.  In any event, shortly afterwards people noticed that the gold bar he held up on air  actually wasn’t even on GLD’s gold bar list.  But wait it gets even better.  It seems that Ned Naylor-Leyland of Cheviot Asset Management has discovered that the famous Pisani GLD bar was actually owned by another gold ETF!  Yes folks, fractional reserve gold investing.  I’ve said it before and I’ll say it again.  You’d have to be a complete fool or totally irresponsible to own GLD as a money manager or investor.

Here is the interview with Leyland…

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