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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (32302)	11/15/2004 3:25:15 AM
From: The Vet	Read Replies (1) \| Respond to of 39344

So then, it wasn't a rule, in the normal sense of the word, that prevented the NYSE listing of a gold ETF, but some unwritten convention applied by some "most prudent men" to prevent other "most prudent men" from making an "imprudent" purchase. Apparently if they made the investment some place other than the NYSE it would have been outside the "rules" and therefore "imprudent" but if that same investment happens to be listed on the NYSE then all is well and it is then within the "rules" which are not set by the NYSE. So to prevent the "most prudent men" from becoming "imprudent" the NYSE won't list the ETF because it was defined as being outside the rules that are not NYSE rules but somebody elses. Just why couldn't those "most prudent men" make their own decisions rather than have the SEC impose a restriction on the NYSE that has absolutely nothing to do with the NYSE? I get it; the SEC doesn't believe that they are sufficiently "prudent"! However the SEC have changed the rules for the ETF to give more control to the big players but otherwise the basic premise ie. that pension funds can't invest in commodities hasn't been changed but now it's OK.... This is becoming more absurd by the minute!