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Biggest gold ETF lists today on Hong Kong stock exchange
The World Gold Council sponsored SPDR Gold Trust, the biggest of its kind with assets of around $19 billion, was listed today on the Hong Kong Stock Exchange.
Author: Lawrence Williams
Posted: Thursday , 31 Jul 2008
LONDON -
Today, the world's biggest gold ETF, the World Gold Council sponsored SPDR GoldTrust, formerly known as StreetTracks, listed on the Hong Kong Stock Exchange (Ticker: 2840) and is the first gold-backed ETF to list there.
The SPDR Gold Trust marketed by State Street Global Advisors (SSgA), is designed to track the price of gold and trade like any stock on the exchange. The SPDR GoldShares are backed by physical allocated gold bullion and will be denominated in Hong Kong Dollars. Investors can buy as little as one board lot of ten shares, with each share priced at approximately one-tenth of the spot price for an ounce of gold.
James Burton, Chief Executive Officer, World Gold Council, commented: "The listing of SPDR Gold Shares on to the HKEx is a significant landmark for all Hong Kong investors, providing them with an efficient means of investing in the gold bullion market through a security that is listed on a regulated stock exchange.
"We have witnessed a significant increase in demand for gold from Hong Kong investors, with demand for gold at the retail level more than doubling in 2007. With inflationary pressures from elevated oil prices, higher cost of imported goods and the weakness of the Hong Kong dollar, there are several compelling reasons for investors to seek access to gold's unique investment attributes as a safe haven and inflation hedge.
"We're confident that the latest listing of the SPDR® Gold Trust will be an appealing prospect for investors in Hong Kong."
Gold ETFs have performed significantly better than gold stocks over the past few months as physical gold has come into favour, while the miners have been adversely affected by significant cost rises in labour and equipment, exacerbated in many cases by the fall in value of the US dollar, which is very much a global phenomenon affecting all sectors of the mining industry.
The SPDR Gold Trust (Ticker:GLD) was launched by World Gold Trust Services on the New York Stock Exchange in November 2004, and traded on the NYSE Arca, since December 2007. It was the first US commodity based exchange traded security, and has emerged as one of the fastest growing exchange traded products. It is now one of the largest and most liquid commodity ETFs on the global market with total net assets of approximately US$ 19 billion.
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