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Gold/Mining/Energy : Precious and Base Metal Investing

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To: Wade who wrote (20085)	9/10/2003 7:57:28 PM
From: Louis V. Lambrecht	Read Replies (2) of 39344

Am not very hot either on GLD. Some articles and responses here: mips1.net Under which: mips1.net The fund is structured into “baskets” of 100,000 shares that are each priced at 1/10 of an ounce of gold. The fund itself will only sell to qualified buyers who must buy in 10,000 ounce (311kg) baskets worth $3.5 million at today’s London afternoon gold fix. However, individuals will be able to buy shares in smaller lots from the basket holders. High initial costs mean that deposits and redemptions will be limited to blocks of 10,000 per basket. In other words, “basket holders” are going to have to batch orders and presumably pick up any slack to avoid creating liquidity problems that could ignite a run. There is some confusion about the difference between this being an open or closed ended fund. It is rather a hybrid of the two fund types because of the role of basket owners. Nevertheless, net asset value will be determined daily based on the London Afternoon Gold Fix. Not for us lumpeninvestoriat. <vbg>

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