Gold: Invest 'responsibly' in gold under rules set by the market's riggers, the LBMA and JPMorgan
Accprding to the fund's prospectus --
franklintempleton.com
-- the fund's gold custodian is JPMorgan in London, its gold is not insured, only "authorized participants" and not ordinary shareholders may redeem shares for metal, and the fund's initial authorized participant is JPMorgan Securities. How responsible!
* * *
Franklin Templeton Launches Franklin Responsibly Sourced Gold ETF
By James Comtois
Franklin Templeton Investments
San Mateo, California
Thursday, June 30, 2022
Franklin Templeton today announced the launch of the Franklin Responsibly Sourced Gold ETF (FGLD-NY). FGLD seeks to reflect the performance of the price of gold bullion, less the expense of fund operations, and is priced at 15 basis points. The shares will trade on NYSE Arca.
The fund defines "respo nsibly sourced gold" as London Good Delivery gold bullion bars that were refined on or after January 1, 2012, which have been refined in accordance with London Bullion Market Association's Responsible Gold Guidance. The LBMA's Responsible Gold Guidance establishes minimum requirements that are mandatory along the entire gold supply chain for all Good Delivery refiners wishing to trade with the London bullion market, intended to ensure, among other things, that London Good Delivery gold is mined through verified supply chains that meet certain internationally recognized ethical standards.
"We are excited to offer FGLD as one of the most cost-effective gold ETFs in the market," said David Mann, head of global exchange traded funds capit al markets, in a news release. "We believe its a fantastic option for investors looking to add gold investments to their portfolios, offering a compelling way to participate in the physical gold market, with the added peace of mind of knowing that this gold is responsibly sourced.":
etftrends.com |
