Many investors have taken to gold futures and exchange-traded funds (ETFs) to diversify their portfolios. They could be in for some disappointment, according to Chris Powell.

Powell argues that these instruments are largely "paper gold," which cannot be redeemed for metal in any practical sense. Further, they give bullion banks a tool to keep prices under control in complicity with central banks.

Show notes: https://goldnewsletter.com/podcast/the-problem-with-gold-futures-etfs/