"And it keeps it out of Obama's hands if he were thinking of doing an FDR on their bullion. Eliminate two risks with one move."

I agree, but both GLD and SLV's (alleged) metals are stored in London, England, yet their critics constantly complain that if the U.S. gov't want's to confiscate gold, the easist way to do it would be to seize GLD. Could be hard to do if it's located in another sovereign country or does it has friends in high places?