by Jeff Clark
Editor’s Note: The following is an open letter to Elon Musk, in response to Tesla’s recent 10-k filing that stated in addition to buying bitcoin it also “… may invest a portion of such cash in certain alternative reserve assets including… gold bullion, gold exchange-traded funds and other assets as specified in the future.”
We hope you’ll help us get this urgent warning in front of him, starting with a letter he could be sent in the future if he buys paper gold…
To: Elon Musk, CEO of Tesla Corporation
From: Bullion ETF Manager
Subject: Fund NAV Falls Below Gold Price
Dear Mr. Musk,
We regret to inform you that due to the counterparty risks of our bullion ETF, the fund’s NAV (Net Asset Value) does not currently match the spot price of gold.