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To: ms.smartest.person who wrote (1536)	10/6/2006 3:00:42 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 3198

Singapore's gold fund trading starts next week Thu Oct 5, 2006 3:52 AM ET SINGAPORE, Oct 5 (Reuters) - StreetTRACKS Gold Shares <GLD.N>, the world's largest gold exchange-traded fund, would be cross-listed in Singapore next week in a move to capitalise on Asia's growing fondness for bullion. It will be listed on Oct. 11 on the Singapore Exchange and would be Asia's first gold-based ETF. StreetTRACK is the World Gold Council's New York Stock Exchange-listed product, with an average daily volume of around $400 million and assets in excess of $7 billion. "The target audience that we have in mind are retail investors, institutional investors, not only in Singapore but regionally, as well as the very strong and thriving private banking sector that exists in Singapore," said Hon Cheung, managing director of State Street Global Advisors. State Street is the investment management arm of State Street Corp., a U.S.-based financial services company, and acts as a marketing agent for streetSTRACKS in Singapore. "We believe that that target audience are very relevant users of the gold product, and we do expect a significant interest from them going forward," he said. ETFs enable investors to trade securities on an exchange and give investors a return based on commodities prices, without the need to trade futures or to take physical delivery. StreetTRACKS was launched in 2004 and is designed to track the price of gold and trade like any common stock on the exchange. StreetTRACKS Gold Shares are backed by physical gold and denominated in U.S. dollars. Invetors can buy as little as one board lot of 10 shares, with each share priced approximately one-tenth of the spot price for an ounce of gold. The other gold ETFs are in the United Kingdom <GBSx.L>, Australia <GOLD.AX>, South Africa. Barclays Global Investors' iShares COMEX Gold Trust <IAU.A> is listed in the United States. There are also gold ETFs in Mexico, Switzerland, Turkey and France. Gold hit a 26-year high of $730 in mid-May as investors diversified into precious metals on global security concerns, uncertainty about the dollar's outlook and rising energy costs. It has since suffered from profit taking as well as liquidation. Spot gold <XAU=> was quoted around $566 an ounce. Gold reached an all-time high of $850 an ounce in January 1980. ((Reporting by Lewa Pardomuan, editing by Ben Tan; Reuters Messaging:lewa.pardomuan.reuters.com@reuters.net; +65 6870 3834)) © Reuters 2006. All rights reserved. yahoo.reuters.com