You are here
BlackRock gold fund resumed issuing shares too soon, faces penalties
By Trevor Hunnicutt
Reuters
Monday, March 7, 2016
http://www.reuters.com/article/blackrock-gold-etf-idUSWNAB0A9UQ
NEW YORK -- BlackRock issued 25 million shares of the iShares Gold Trust (IAU) before they were officially registered with securities regulators, and the fund "may become subject to penalties" by securities regulators, the fund manager said in a regulatory filing today.
The fund company resumed issuing new shares of the physically backed gold exchange-traded product after suspending new issuance on Friday, citing heavy demand for the product.
But, in its filing, BlackRock said it may have to sell gold in the fund to buy back the shares that were inadvertently not registered and pay interest to investors who purchased the shares. Those investors "may have the right to collect damages" from the fund, the filing said.
We Are Amid the Biggest Financial Bubble in History;
When It Bursts, Bullion Owned in the Safest Way Will Protect Wealth
With GoldCore you can own allocated -- and most importantly -- segregated coins and bars in Switzerland, Singapore, and Hong Kong.
Switzerland, Singapore, and Hong Kong remain extremely safe jurisdictions for storing bullion. Avoid exchange-traded funds and digital gold providers where you are a price taker. Ensure that you are outright legal owner of your bullion. If you do not own segregated bullion that you can visit, inspect, and take delivery of, you are exposed.
Crucial guides to storage in Singapore and Switzerland can be read here:
http://info.goldcore.com/essential-guide-to-storing-gold-in-singapore
http://info.goldcore.com/essential-guide-to-storing-gold-in-switzerland
GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals.
Email the GoldCore team at info@goldcore.com or call our trading desk:
UK: +44(0)203-086-9200. U.S.: +1-302-635-1160. International: +353(0)1-632-5010.
Visit us at: http://www.goldcore.com
Join GATA here:
Mines and Money Asia
Tuesday-Thursday, April 5-7, 2016
Hong Kong Convention and Exhibition Centre
Hong Kong Special Administrative Region, China
http://asia.minesandmoney.com/
Mining Investment Asia
Wednesday-Friday, April 13-15, 2016
Marina Bay Sands, Singapore
http://www.mininginvestmentasia.com/
Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:
https://jeffersoncompanies.com/landing/2014-av-powell
Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
