no gnupg directory under elpa?

[Eric Abrahamsen]

I'm using git Emacs. Apparently there's supposed to be a gnupg directory
under elpa, where signatures are stored, is that right? All my installed
packages are bright red and say "unsigned" on them, which is
disconcerting. Have I missed some step in package initialization, or is
this just because no one has provided signatures with their packages?

I've downloaded and loaded the elisp-code-keyring.gpg from gnu.org, and
my package-check-signature is set to the default 'allow-unsigned. I'm
not doing anything special at all with package initialization, just
(require 'package) and then a couple of (add-to-list 'package-archives)
statements.

Am I missing anything?

Thanks,
Eric