Bill,
I am going to send the attached letter to the 5 or 6 largest holders of the GLD Trust. I will send the letters certified with return receipt to verify that these firms received the letter.

I think it would be helpful if you shared this letter and list of large GLD holders with all of the Cafe members. Hopefully they will also send in requests for proper due diligence, especially if they own any of the funds operated by the fund managers listed. I am also including a link to the SEC holder's list of GLD. Some of the largest holders are the big brokerages. If any Cafe members own funds managed by these firms, they should send correspondence to portfolio managers alerting them to the possible fraud that GLD is.

http://www.nasdaq.com/asp/holdings.a...

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Dear

I am writing in reference to your firm's large ownership position in the SPDR Gold Shares Trust (GLD). Please find enclosed a report I recently authored which explains, based on a detailed analysis of the GLD Prospectus, how the Trust was set up to legally prevent anyone, including large shareholders of the Trust, from conducting proper due diligence in order to establish true custodianship of the physical gold. Based on your firm's substantial ownership of this security, it is clear that you and your firm have not conducted thorough due diligence of the GLD Trust.

Please contrast this legal structure with that of the Central Fund of Canada (CEF) and the Central Gold Trust (GTU), both of which permit anyone at anytime to visit and visually observe the gold and silver being held in custody by those Trusts.

There are many other problems with the legal structure of GLD. I touch upon a couple in my report. A couple other respected analysts have also published reports outlining the potential fraud embedded in the structure of the GLD trust.

I would like to point out the breach of fiduciary duty liability to which your firm will be exposed if I am correct and GLD turns out to be the next big Ponzi scheme. Consider that this letter is now on record and that you and your firm having been served notice regarding the potential problems with GLD.

Sincerely

David Kranzler