https://www.miningweekly.com

Insatiable appetite for gold-backed ETFs lures Australia mint

23rd January 2018

By: Bloomberg

  

Font size: - +

NEW YORK – The party in gold exchange-traded funds is raging so hard that the Australian government is trying to crash it.

With holdings in gold-backed ETFs at the highest level since 2013, New York Stock Exchange Arca is seeking to list the Perth Mint Gold ETF Trust, according to a US government filing. Gold Corp, a Western Australian state government-owned entity, will store the fund’s gold and facilitate transfers, including shipments, according to the filing. Oklahoma City-based Exchange Traded Concepts will be the administrative sponsor.

The ETF will “provide investors with the opportunity to invest in gold through the shares,” which they can surrender later in exchange for the physical metal, according to the filing published in the Federal Register. All the bullion held in the fund will be guaranteed by the Western Australian state government, the filing showed.

Money has been piling into gold-backed ETFs, with investors lured by the biggest annual rally in seven years. The precious metal has sustained the surge this year as the dollar weakened. Geopolitical tensions and uncertainties over President Donald Trump’s policies have also spurred haven demand for bullion.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION