Short quote from a Sprott message:

“If you own GLD,” he noted, “I implore you to read pages 6 through 12 of the prospectus entitled ‘Risk Factors’. Sit down with a cup of coffee. Read it [and], read it again. And read it a third time slowly because the things that are embedded in that prospectus are just absolutely terrible.”

He also notices that some major market participants, namely JPMorgan and Goldman Sachs, have been misdirecting market participants, silently accumulating physical metal as prices were pushed down. He estimates JPMorgan has amassed, “North of 600 million ounces of physical silver, if not higher. That’s the largest physical possession of silver the world has ever seen. And this has been done as the price of silver has gone down.”