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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG
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To: loantech who wrote (12543)12/11/2009 6:46:04 AM
From: TheSlowLane  Read Replies (2) of 48092
 
That's what they are saying:

Investment in Physical Gold Bullion Only. Except with respect to cash held by the Trust to pay expenses and anticipated redemptions, the Trust expects to own only London Good Delivery physical gold bullion. The Manager intends to invest and hold 97% of the total net assets of the Trust in physical gold bullion in London Good Delivery bar form. The Trust will not invest in gold certificates or other financial instruments that represent gold or that may be exchanged for gold.

edit - wow...check this out...

Ability to Redeem Units for Physical Gold Bullion. Unitholders will have the ability, on a monthly basis and as described herein, to redeem their units for physical gold bullion for a redemption price equal to 100% of the NAV of the redeemed units, less redemption and delivery expenses, including the handling of the notice of redemption, the delivery of the physical bullion for units that are being redeemed and the applicable gold storage in-and-out fees, and subject to certain minimum redemption amounts. See "Redemption of Units."

edit - but...

Redemption requests for gold must be for amounts that are at least equivalent in value to one London Good Delivery bar or an integral multiple thereof, plus applicable expenses. A "London Good Delivery bar" contains between 350 and 430 troy ounces of gold.

edit - this could be very significant for US investors:

Capital gain recognized on a sale of units by an electing U.S. holder who has held the units for more than one year will generally be taxable as long-term capital gain at the rate of 15% under current law.
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