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James Turk: Will $715 be a difficult hurdle for gold?
Benchmark Files for Gold Exchange-Traded Fund
Financial Express, Mumbai
Friday, May 19, 2006
http://www.financialexpress.com/fe_full_story.php?content_id=127740
MUMBAI -- Benchmark Mutual has filed papers for India's first gold
exchange traded fund with the Securities and Exchange Board of India
(Sebi), as per information on the regulator's Web site on Friday.
Gold Benchmark Exchange Traded Scheme (Gold BeES), an open-ended
scheme that will list on the National Stock Exchange (NSE), will
invest in physical gold.
The scheme seeks to generate returns that closely correspond to the
returns provided by the domestic price of gold. At least 90% of the
corpus will be held in physical gold, while the rest can be deployed
in bonds and money market securities.
Each unit of Gold BeES will have a face value of Rs 100. Minimum
investment is Rs 10,000 and in multiples of Rs 1,000 thereafter. The
scheme will levy 4% entry load and 3% exit load. The scheme will
offer systematic investment plan during and after the new fund
offer. Investors can also buy and sell units of the scheme on NSE at
the price at which it trades, which will be close to the net asset
value.
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