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G-7 statement invites Japan and China to be more ''flexible'' with exchange rates

Section: Daily Dispatches

By John Spence
CBSMarketWatch
Saturday, February 7, 2004

a href=http://cbs.marketwatch.com/news/story.asp?guid=%7B06CF5D52%2DCC23%http:/...
2D4C33%2D903D%2D24CFC533C85C%7Damp;siteid=mktw

NEW YORK -- San Francisco-based indexing giant Barclays
Global Investors filed with the SEC Friday to launch a
new exchange traded fund for gold investors, to be called
iShares COMEX Gold Trust.

Pending regulatory approval, the ETF will be listed and
traded on the American Stock Exchange under the symbol
IAU, according to the filing.

See the filing:

a href=http://www.sec.gov/Archives/edgar/data/1278680/000119312504016457/0001ht...
193125-04-016457.txt

quot;The objective of the trust is for the value of the iShares
to reflect, at any given time, the price of gold owned by the
trust at that time, less the trust's expenses and liabilities,quot;
the company said in its filing.

COMEX is the exchange market on gold futures contracts
operated by Commodity Exchange, Inc., a subsidiary of New
York Mercantile Exchange, Inc.

Equity Gold Trust has already filed to launch a new U.S.
gold-bullion based ETF that, if approved, will trade under the
ticker symbol GLD on the New York Stock Exchange, with
the World Gold Council as sponsor and the Bank of New
York as trustee.

According to the filing, a share would represent one tenth
of an ounce of physical gold.

In 2003 the first gold ETF, Gold Bullion Securities, began
trading on the Australian Stock Exchange, it also now trades
on the London Stock Exchange.

Historically, gold has been one of the most inconvenient asset
classes for an average investor to access, due to the high
costs associated with purchasing, transporting, and safely
storing it -- although open-end mutual funds that invest in
gold mining stocks do exist.

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