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Goldman Sachs completes acquisition of Perth Mint gold ETF

Section: Daily Dispatches

If you'd really like a piece of this ETF, could GATA also interest you in shares of ownership of a bridge in Brooklyn?

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By Simon Smith
ETF Strategy, London
Monday, December 14, 2020

Goldman Sachs Asset Management has finalized its takeover of the Perth Mint’s $500m New York-listed gold ETF.

Renamed the Goldman Sachs Physical Gold ETF, the ETF will have an unchanged fee, at 0.18%, as is lists on NYSE Arca.

The ETF also continues to provide the same fundamental function -- namely, physical exposure to gold bars meeting the specifications for “good delivery,” as defined by the London Bullion Market Association.

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But while the fee, listing venue, and investment objective are all unchanged, the original custodian -- the Perth Mint -- has been removed and, along with it, the ETF's unique guarantee from the government of the State of Western Australia.

Also out with the Perth Mint is the ETF's novel convertibility feature that allowed shareholders to exchange their shares for delivery of physical gold in the form of bullion bars and coins issued by the mint.

In its place as custodian is the London branch of JP Morgan Chase -- one half of a duopoly of banks (the other half being HSBC) that is home to an increasingly large and arguably alarming concentration (approx. 2,500 tonnes) of ETF-owned gold. ...

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Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

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