Eric Sprott's doubletalk on GLD

A very nice catch by Kid Dynamite at this post today. Go read it all but here's the bottom line:

So, to summarize, and again, these are facts:  $PHYS bought $340 MM of gold.  $GLD saw $340 MM in redemptions (on the same day).

And as KD himself noted in the comments section:

The implications to me are that PHYS, which people like because they think GLD doesn't have real gold, is a completely unnecessary product. Then again, I knew that already.

That's spot on. Eric Sprott, an early contender for this year's Style Over Substance award.