Claymore is establishing a "pure" gold ETF. When asked where the purchased, real gold bullion would be stored it was revealed that it would be stored by Scotia Bank in Toronto, New York and London. Last I heard from someone here was that when they queried Scotia about seeing thier actual physical gold vaults they were told that most of the stored gold was not in Canada but in New York. The Bak of Nove Scotia has always been suspect with respect to their vault holdings. You don't suppse there is a cartel connection do you? Nah!

I wonder if the Claymore people are reall that gullible? Guess so. I suspect the Claymore prospectus will enter Scotia as the "custodian" of their physical gold. What do you think? Would you invest in the new Claymore pure physical gold ETF?

Somehow I think when the stuff hits the fan, GLD and SLV will not be the oly fraudulent ETFs. There may be others wo do not know they are not relly holders of gold. What a grand mess this is all shaping up to be as the criminals look for more lambs to slaughter before they default.

On the bight side, and I just love bright sides, we can finally look forward to all the exciting upside coming for ECU! I am thinking 5$ for openers by September....and up from there. Sorry, can't help the surge of optimism.