World Gold Council to cut price on imaginary gold

Section:

The World's Largest Gold Fund Is Getting a Cheaper Little Brother

By Rachel Evans
Bloomberg News
Wednesday, June 14, 2018

The price of gold is falling, at least for investors in exchange-traded funds.

The World Gold Council is readying a new fund that will charge less than any other gold exchange-traded fund, regulatory filings show. It will vie for assets with 35 other precious-metals exchange-traded products in the United States, including SPDR Gold Shares -- known by its ticker GLD -- the $35 billion market leader, which the council also started.

... Dispatch continues below ...


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Despite gold's recent slump amid higher interest rates, enthusiasm for the commodity as both a trading instrument and a store of value has been strong this year. Trading in GLD soared during February's volatility as investors sought to bet on, or hedge against, markets heading south. A rival fund from BlackRock Inc., meanwhile, took in more than $700 million in both January and April, the most for any month in two years, Bloomberg data show. ...

Investors will soon be able to get a piece of that action for a lower price. The SPDR Gold MiniShares Trust, which will trade as GLDM, will cost just 18 basis points in management fees, or $1.80 for every $1,000 invested, the filings show. By comparison, GLD charges $4 for every $1,000 invested. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-06-13/world-s-largest-gold-...

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