It's your contention that the "scam" is easy to spot which, to me, argues against a pure Ponzi scheme. Of course, all Ponzi schemes do have one thing in common; that being, they seem "too good to be true" and, in the end, they turn out not to be true. GAZ, as currently trading, may, or may not, be too good to be true, but the fund doesn't seem to be trying to hide the discrepancy between the underlying asset value and the price of the fund shares. After all, you're in full possession of that disturbing reality, and while you may be right about the eventual outcome of such a disparity, the argument that it is a Ponzi scheme is diminished by the seemingly unrestricted access to the facts. Consequently, I'm not sure I can buy your argument that all the current enthusiasm is based on nothing more than investor gullibility, but I certainly acknowledge the accuracy of your GAZ statistics.
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