UK's Royal Mint plans first stock exchange product with gold ETF

Section:

It's not yet clear whether the fund will enable investors to withdraw gold from the Royal Mint vault or whether the fund will be just another paper hallucination to divert demand away from real metal.

* * *

By Chris Flood
Financial Times, London
Sunday, September 8, 2019

The Royal Mint plans to launch its first gold exchange traded fund in response to rising demand from investors that has pushed holdings in bullion-backed exchange-traded funds close to a record.

The Royal Mint already sells a range of precious metal coins and bars, but the launch marks the first time in its more than 1,100-year history that it has offered a financial product that will trade on a stock exchange. It will be structured as an exchange-traded commodity, a debt security backed by gold stored in the Royal Mint's vault.

... Dispatch continues below ...


ADVERTISEMENT

Buy metals at GoldMoney and enjoy international storage

GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, ­taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:

http://www.goldmoney.com/?gmrefcode=gata



"Gold has been recognised as the ultimate means of trading and storing wealth for thousands of years," said Anne Jessopp, the Royal Mint's chief executive.

HANetf, a specialist London-based boutique that helps build ETFs, has worked with the Royal Mint to develop the new ETC, which is expected to list in the UK, Italy, and Germany early next year. Details of fees and charges will be announced at a later date. ...

... For the remainder of the report:

https://www.ft.com/content/f0a15508-08b4-3abf-a708-5e653f198934

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019

https://neworleansconference.com/noic-promo/powellgata/

* * *

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16