SPDR Gold Shares
The SPDR Gold Shares (or: SPDR Gold Trust , ISIN US78463V1070 ) is an exchange-traded fund (ETF) of the SPDR family that tracks the performance of the commodity gold . It is managed and marketed by State Street Global Advisors .
This ETF securitizes a proportion of gold bars . The SPDR Gold Shares was designed to track the price of a tenth of an ounce of gold . If the share price is different from the gold price , the fund manager will exchange blocks of 100,000 shares for 10,000 troy ounces of gold. This approach keeps the price of the ETF roughly in line with the gold price, even if the price can diverge on a daily basis.
For several years the fund was the second largest ETF in the world. As of June 2012, it is the sixth largest in the United States and continues to be the largest publicly traded gold product .
On October 31, 2012, the Fund had 42963411.100 troy ounces of gold (1336.30 tonnes), representing an investment value of about 74 billion US dollars equivalent. A steady outflow of gold investments has been observed since December 11, 2012. On July 31, 2015, they reached only 21,628,064.600 troy ounces of gold (672.70 tons), their lowest level since September 19, 2008.
SPDR Gold Shares is one of the ten largest gold holders in the world, behind France and ahead of China.
history
In November 2004, State Street Global Advisors listed the fund on the New York Stock Exchange , with the support of the World Gold Council . Since December 13, 2007 and after a name change on May 20, 2008, the SPDR Gold Shares has been traded on the NYSE Arca . It is also traded on the Singapore , Tokyo and Hong Kong stock exchanges.
management
The fund's assets are held in the form of London Good Delivery gold bars (400 oz.) And are held by HSBC Bank USA in their London vault or their partners. The ETF pays an annual fee of 0.4% of the portfolio for this.
criticism
The Fund was approved by Catherine Austin Fitts and Carolyn Betts for its highly complex structure, and because of its prospectus criticized also because of possible conflicts of interest in connection with HSBC and JPMorgan Chase is believed by those that they huge short positions held in gold, and a total of because of a lack of transparency. Some critics compare the ETF with mortgage-backed securities ( english mortgage-backed securities ) and collateralized debt obligations .
These problems of the SPDR Gold Trust are not necessarily unique to a fund, however, as one of the predominant gold ETFs, the fund has received the most extensive analysis.
Approval in Germany
The ETF is not approved in Germany because the law requires funds to diversify, which is naturally not the case with a gold ETF. As a result, gold products can only be offered as bearer bonds in Germany , e.g. B. as ETCs , but with the corresponding issuer risks .
See also
Individual evidence
- ↑ Largest ETFs: Top 25 ETFs By Market Cap. In: ETFdb. Retrieved November 3, 2010 .
- ↑ SPDR Goldshares: Historical Archive
- ↑ Michael Johnston: GDX vs. GDXJ: A Better Way To Play Gold? Carolean Capital Partners LLC., Accessed October 30, 2010 .
- ^ Exchange Traded Gold: A World Gold Council Initiative. Exchange Traded Gold Limited, accessed November 3, 2010 .
- ^ Bringing the Gold Market to Investors. World Gold Trust Services, LLC, accessed October 30, 2010 .
- ↑ a b Key information. (PDF; 263 kB) World Gold Trust Services, LLC, accessed on October 30, 2010 (English).
- ^ A b Catherine Austin Fitts, Carolyn Betts: GLD and SLV: Disclosure in the Precious Metals Puzzle Palace. (No longer available online.) In: Solari. Archived from the original on December 14, 2013 ; accessed on March 24, 2014 (English). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Tobias Bürger: Gold im Sondergeld , Part II. In: portfolio institutionell of February 14, 2012.
