Notes From The Field By Simon Black
September 9, 2019 Bahia Beach, Puerto Rico
Here’s Every Reason To Avoid Buying A Gold ETF
Buckle up, this one’s going to be entertaining… because I should have called this note “Why you should always read the fine print.”
This morning I read through the prospectus and annual reports of the most popular Gold ETFs in the world.
First, some background:
ETF stands for ‘exchange-traded fund’. It’s sort of like a mutual fund that’s listed on the stock exchange, meaning investors can buy/sell shares of an ETF just like they would buy/sell shares of Apple, Ford, or (God help us) Netflix.
But unlike Apple, which is an operating business with employees, products, revenue, etc., an ETF is NOT an operating business. It’s a fund that merely pools capital to own assets.
The benefit for investors is that ETFs can be an easy and convenient way to invest in certain assets which would otherwise be difficult to buy.
If someone wants to buy Egyptian stocks, for example-- they could open a brokerage account in Cairo… or buy an Egypt ETF that’s listed on the New York Stock Exchange.
The ETF is a LOT easier for most investors.
But there are also ETFs for gold and silver. And I find this mystifying.
We’re not talking about Egyptian stocks. Gold and silver are easy to buy. You could have Canadian Maple Leaf gold coins delivered to your home with a few mouse clicks.
So gold ETFs provide no added convenience.
Yet there’s an enormous amount of downside.
First off-- it’s important to know that if you buy an ETF, you’re paying for a ton of unnecessary expenses.
The ETF has to pay custodian fees, marketing fees, listing fees to the New York Stock Exchange, audit fees, management fees, etc.
I’m chairman of the Board of Directors for a company that’s listed on a stock exchange, and trust me-- the listing fees are REALLY expensive.
If you own physical gold in your own safe, you wouldn’t have to suffer the cost of paying lawyers, auditors, and investment bankers.
But GLD does. Which means that as a GLD investor, YOU are fundamentally paying those costs.
And remember that ETFs aren’t operating businesses. Apple makes money selling overpriced hardware. But GLD has no products, and hence doesn’t generate any revenue.
To continue reading, please go to the original article at
https://www.sovereignman.com/investing/heres-every-reason-to-avoid-buying-a-gold-etf-25548/
To your freedom & prosperity, Simon Black Founder, SovereignMan.com
Why Gold Is Falling While Central Banks Keep Buying | World Gold Council’s Joe Cavatoni
Kitco News: 11-13-2026
Gold fell as much as $135 an ounce on Nov. 12 to a new low for the year, even as central banks keep buying.
The World Gold Council estimates central banks bought 321 tons last quarter, but only 120 tons was reported, leaving 63% undisclosed.
Joe Cavatoni, the council's senior market strategist for the Americas, said the most active buyers "are either not reporting or reporting late," and that central banks tend to step in when prices dip. He said gold "overshot" in January and that the pullback is closer to what the council expected.
China Buys Gold For Two Straight Years As Central Bank Demand Remains A Key Pillar Of Support
Kitco News) - After a busy third quarter, central banks continue to take advantage of lower gold prices to increase their official reserves. China continues to play a dominant role in the marketplace, increasing its reserves for two straight years.
In social media posts highlighting October purchases, Krishan Gopaul, Senior Analyst, EMEA, at the World Gold Council, said that China bought 26 tonnes of gold, putting the nation’s official reserves on nearly equal footing with those of other developed nations.
GOLD: The World's Most Trusted Metal — But Why?
If gold is so rare, why can countries buy it by the ton? Who sells it? Why do central banks accumulate it? And is the world really preparing for gold-backed currencies?
For thousands of years, gold has fascinated humanity. Civilizations have fought over it, kings have accumulated it, governments have stored it, and investors have turned to it during times of uncertainty. But beneath gold's reputation as the ultimate symbol of wealth lies a surprisingly simple question:
Gold, Silver Advance As Dollar Weakens, Fed Rate Expectations Face Inflation Test - Kitco PM Report
(Kitco NewsWire) - Spot gold and silver prices were sharply higher in late U.S. trading Monday, supported by a weaker U.S. dollar and a steep decline in crude oil prices as investors responded to renewed hopes for a diplomatic resolution to the U.S.-Iran conflict.
The retreat in energy prices eased some inflation concerns ahead of Tuesday's U.S. consumer price index report, although Friday's stronger-than-expected employment figures continued to support expectations for another Federal Reserve interest rate increase in December.
Why Gold And Silver Prices Surged Up To 6% In Just Two Sessions And What Lies Ahead
By Rohan Takalkar Market News SUMMARY
Gold prices bounced back from one-year lows this week. Spot gold prices surged over 5% in just two trading sessions around the US mid-term elections. The spot prices made a low of $3,874 per ounce this week and bounced back to an intra-week high of $4,146 per ounce on Thursday.
Gold prices have traded 4% lower in 2026 on a YTD basis and the silver prices plunged 27% YTD.
Gold Got Dumped for Cash, That’s Exactly Why You Own It | Adrian Day
Kitco News: 11-4-2026
Gold fell back under $4,000 as AI stocks slid, and Adrian Day says that’s the metal doing its job. When markets crack, investors raise cash, and gold is one of the things they always sell.
“That’s exactly what you own gold for,” says the chairman and CEO of Adrian Day Asset Management. At the New Orleans Investment Conference, Day tells Kitco News anchor Jeremy Szafron he sees strong support near $3,650 and doesn’t expect a V-shaped recovery, but he remains “extremely bullish” on the fundamentals.
Gold Below $4,000, Silver Below $50: What's Really Happening? | Andy Schectman
Liberty and Finance: 11-3-2026
Andy Schectman returns to Liberty and Finance to explain why the recent plunge in gold and silver prices may be hiding a much bigger shift in the global financial system.
Despite gold falling below $4,000 and silver below $50, physical deliveries on COMEX continue at extraordinary levels, while central banks and major institutions accumulate precious metals.
Central Banks Buy Gold at Fastest Pace Since 2024, WGC Says
Jack Ryan Tue, November 3, 2026
(Bloomberg) -- Central banks bought gold at the fastest pace since the end of 2024 in the third quarter, even as the metal faced pressure from higher oil prices and interest rates.
The institutions accumulated a net 321 tons in the three months through September, the World Gold Council said in a report on Tuesday. After a slow start to 2026, that brought the estimate for year-to-date buying to 675 tons, slightly ahead of the same period a year earlier.
Clif High Warns of Banking System Collapse: Could Gold and Silver Benefit?
Capital Insight: 11-1-2026
This Capital Insight episode examines Clif High’s discussion of potential disruptions to the international banking system, sovereign debt, central banks, and the future of money.
High argues that established financial institutions could face significant disruption as the existing debt-based monetary system comes under pressure.
He also discusses how these changes could affect the broader economy, including the possibility of a downturn, and why he believes gold and silver could benefit from a potential restructuring of the financial system.
High’s prediction of a new asset-backed digital currency he calls the “Treasury Dollar”
The US Changed the Dollar Before. Why Wasn’t it political Suicide?
Lynette Zang: 10-28-2026
Could the U.S. reset the dollar overnight without political consequences?
Lynette Zang examines how the government changed the rules governing the dollar in 1933 and 1971, why Nixon won reelection after closing the gold window, and how these monetary shifts continue to impact your purchasing power.
Discover why understanding monetary history, inflation, and direct ownership of physical gold and silver matters when protecting your wealth and financial sovereignty.
Gold Steadies Near $4,000 as Oil Eases and the Fed’s Biggest Week Begins
Published: 10-26-2026,
Gold is holding just above $4,000 an ounce on Monday. That’s a partial comeback from last week’s slide to its lowest level since mid-July. Oil prices are pulling back today, and that’s taking some pressure off the metal. The relief comes right before Tuesday’s start to the Federal Reserve’s two-day policy meeting. Silver isn’t holding up as well. It’s giving back an early morning gain and trailing gold into the decision, and that’s pushed the gold-silver ratio to its highest level in months.
Physical Gold vs. Digital Gold: Which Is the Ultimate Safe Haven?
Published: 05-20-2026
Gold is trading at approximately $4,500 per troy ounce as of May 20, 2026 [World Gold Council]. However, the debate about physical gold vs digital gold matters more than most investors realise — because not all of these products are the same thing. Both show up on a brokerage statement with a dollar value attached. But what you actually own — what you hold, what you control, what survives a real crisis — is a very different story. This isn’t a debate about returns. It’s a debate about what “safe haven” actually means.
Why Are Central Banks Buying So Much Gold in 2026?
Published: 10-05-2026 De-dollarization is the gradual shift by central banks away from holding the US dollar as their dominant reserve asset. In practice, that usually means adding gold and other currencies instead. In 2026, this shift stopped being a theory investors had to take on faith.
Specifically, it is now a documented pattern, visible in the World Gold Council’s own survey data and in the IMF’s own reserve statistics.
BRICS Is Hoarding Gold. Here’s What It Means for Your Portfolio.
Most news coverage of the BRICS gold story gets one thing wrong: it treats this as political drama rather than a portfolio signal.
It asks whether a BRICS currency will succeed. Whether it’ll topple the dollar. Whether the summit announcements are serious or just rhetoric. Those are interesting questions. However, they’re also the wrong ones if you’re trying to protect and grow your savings.
Dollar Dominance Is Fading. Gold and Silver Are Paying Attention
The U.S. dollar and gold have a well-documented inverse relationship — and right now, with gold at $4,690 and silver at historically unprecedented price levels, that relationship is doing exactly what it’s supposed to do. The dollar is weakening structurally. Precious metals are the direct beneficiary.
The Fed’s Retreat Exposes the Real Monetary Reset
Miles Harris: 10-15-2026
The landscape of American fiscal policy is undergoing a significant transformation, marked recently by the appointment of Judy Shelton as a counselor at the United States Treasury.
This move signals a potential shift in how the nation views its currency, its debt, and its role in an increasingly digital global economy.
What Backs the US Dollar? Not Gold Not Silver
What Backs the US Dollar?
So what backs the US dollar, if not gold or silver? The answer has been the same since August 15, 1971: nothing physical. The dollar is a fiat currency — from the Latin fiat, meaning “let it be done.” Its value rests on a government declaration that it is legal tender. Beyond that, it rests on trust.
We’re in a “WARTIME ECONOMY” & GOLD Is a National Security Asset | Graham Summers & Michelle Makori
Miles Franklin Media: 10-9-2026
Michelle Makori, President & Editor-in-Chief of Miles Franklin Media, speaks with Graham Summers, President and Chief Market Strategist at Phoenix Capital Research and Macroeconomics Fellow at the Homeland Defense Institute, about why he believes the U.S. is already operating on a wartime economic footing as its economic competition with China reshapes national security, critical minerals, financial markets, and gold.
Historic Gold Rush Reprices Global Debt
Kinesis Money: 10-8-2026
In this week's Live from the Vault, Andrew Maguire details how central banks swapping dollars for physical gold at an unrivalled pace are quietly forcing a repricing of global debt — and why this gold rush marks something far bigger than a market rally.
As the Fed remains the last major institution still sitting on gold valued at a fraction of its true market price, Andrew outlines why he sees this gold rush not as a rally, but as the opening chapter of a fundamental restructuring of the monetary order
Why Did Treasury Just Hire the Architect of the Gold-Backed Bond?
by Phoenix Capital Research Tuesday, Oct 06, 2026 - 8:20
In late September, Treasury Secretary Scott Bessent brought Judy Shelton into his office as Counselor to the Secretary. Most of the coverage treated it as a personnel note about a longtime gold advocate. I think the more useful question is a simple one: why would Treasury want her, and why now? Start with the problem Bessent is trying to solve.
Treasury has to sell trillions of dollars in long-term debt to finance a national debt that has passed $40 trillion.
The Ultimate Anchor for the Financial System
Gold Telegraph: 10-4-2026
For decades, U.S. Treasuries were treated like money.
Now they are starting to trade like debt.
Gold has always just been money.
The founding fathers understand that money is good as gold.
Gold and the Fed, Judy Shelton Appointment in Treasury, Six Banks
And We Know: 10-4-2026
The modern financial landscape is undergoing a massive transformation, driven by technological innovation and shifting economic philosophies. As traditional banking systems evolve, individuals and investors are being forced to reevaluate how money works, how transactions are processed, and what the future holds for personal financial autonomy.
Recent discussions from prominent financial commentators highlight a growing tension between centralized digital currency initiatives and timeless principles of sound money, offering a fascinating glimpse into the crossroads where technology meets liberty.
America Is Quietly Building a New Gold & Silver System | Jason Cozens
Miles Franklin Media: 10-1-2026
Andy Schectman, Founder & CEO of Miles Franklin, speaks with Jason Cozens, Founder & CEO of Glint, about the accelerating push to make gold and silver usable as money across the United States.
Cozens says six states have already passed related laws, with another 14 actively working on legislation, as concerns grow around U.S. debt, inflation and the resilience of the financial system.
Judy Shelton Joins The Treasury, Do We Have The Gold? Gold Destroys The Fed,The Golden Age
X22 Report: 10-3-2026
Bessent brings on Judy Shelton to assist in transitioning the country to sound money.
Gold in the end will destroy the Fed.
Judy Shelton has joined the US Treasury Dept. as councilor to the Secretary.
Judy has spent decades thinking deeply about monetary policy, Sound money, gold and the architecture of the global financial system.
Bix Weir - The Golden Age Was Planned A Long Time Ago, Hidden Gold Will Be Used For The New System
X22 Spotlight Report: 11-13-2026
The economic transition unfolding globally is depicted as a battle between the failing old guard of central banks and a rising new system championed by figures like Trump, who is implementing tariffs, exposing fraud, and targeting the Federal Reserve for dismantlement.
The exposure and collapse of the Great Reset agenda—characterized by scams like the green new deal that have devastated economies such as Germany's with soaring energy costs and remote control over infrastructure—contrasted with the Great Awakening, where unity, accountability, and reversals like domestic oil discoveries and deportation policies lower costs and reclaim national sovereignty.