MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, October 21, 2010 New Precious Metals ETF's Luster Catches the WSJ's Eye ETF fundsters who want all of their precious metals in one basket will finally have their wish come true tomorrow. The Wall Street Journal today reports on a new offering, the ETFS Physical Precious Metals Basket Shares, which will start trading on the New York Stock Exchange on Friday. The ETF is reportedly holding a blend of gold, silver, platinum and palladium and will be the first precious-metal basket to be launched in the U.S., taking advantage of the commodities' spike this year (gold is up 23 percent, platinum 15 percent, silver 42 percent and palladium 45 percent). In an interview, William Rhind, strategic director of U.S. business development at ETF Securities Ltd. (the new fund's manager), touts the new offering as a "one-size-fits-all solution". Each share of the new ETF will reportedly be backed by 0.03 troy ounce of gold, 1.1 ounces of silver, 0.004 ounce of platinum and 0.006 ounce of palladium. The new fund will store its metals in vaults managed by J.P. Morgan Chase & Co. in London and Zurich. Printed from: MFWire.com/story.asp?s=33780 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |