GLD Insiders Own No Shares

Probably the biggest "tell" I have ever seen that the GLD ETF (exchange-traded fund) is not what it purports to be: ``GLD Managing Director Jason Toussaint Does Not Own ANY GLD Shares... BUT he owns physical gold and mining stocks... NO officers and directors of the World Gold Council or of the GLD Trust own ANY shares. No insiders own shares. Why would that be the case? If GLD is as good as owing physical gold, and is fully backed by physical gold, why would Toussaint admit to owning his own physical gold, but not express confidence in the fund that he oversees by owning some the stock in GLD? We would NEVER own any mining stocks in our fund in which insiders did not own a meaningful amount of shares. In fact, with our junior mining stock holdings, insiders typically own 10-20% of the company.''