The trust is an investment trust, which was formed on November 12, 2004. Its sponsor is World Gold Trust Service, which is wholly owned by the World Gold Council. The trustee is the Bank of New York.
The fund allows U.S. investors to invest directly in gold via the exchange-traded security. The World Gold Council's members have provided funding to cover ordinary operating expenses from 2004-2006. The investment objective of the trust is for the shares to reflect the performance of the price of gold bullion, less the trust's expenses.
The shares should be initially priced at about 1/10th price of an ounce of gold. The ability to buy and sell in a moment's notices expected to be especially valued by gold investors concerned about the volatility of gold. |
