Turk says that if you're considering paper transactions that invest in gold bullion, you might consider that more comprehensive audits are conducted by a Calgary, Alberta closed-end fund, Central Fund of Canada Limited, and the Toronto-based Sprott Physical Gold Trust.

"I'm not trying to belittle GLD [SPDR Gold Trust]," he says. "It's a useful tool for people who want exposure to the gold price as a professional trader."

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