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Gold investors are losing a unique product that allowed them to redeem paper gold into bullion as Goldman Sachs completes its acquisition of Perth Mint Physical Gold ETF (NYSE: AAAU).
The deal was announced earlier in October and represents Goldman Sachs' first commodity-backed exchange-traded fund.
The new ETF will be renamed the Goldman Sachs Physical Gold ETF, and the ticker will remain unchanged. The product fees will also remain unchanged at 0.18%.
However, the big change in the ETF is that the gold won't be backed by the government of Western Australia. Investors also won't be able to redeem shares in the ETF for bullion from the Perth Mint.
The new custodian of the gold-backed ETF will be the London-based offices of JPMorgan Chase.
"We are pleased to complete this transaction and enter into this market, where we believe our size, scale and expertise can provide considerable value to investors," said Michael Crinieri, GSAM'sGSAM's Global Head of ETFs in a prepared statement. "GSAM is committed to a thoughtful expansion of our ETF suite through high-quality products that meet unique investor needs, and Goldman Sachs Physical Gold ETF is an exciting addition to our product roster."
Its a shame what has happened to so many town centres all over, you seem fortunate in that you seem to have some decent retail facilities nearby.
I agree about the M & S share price, I know a few old dears who have held onto it because they were told it was a quality stock, so it was once but unfortunately most of the old quality stocks have suffered over recent years in all sectors.
The rise of the algo driven high speed and leveraged CFD day trading hasn't helped, as we well know how quickly any stock can fall once the panic and innuendo is put about!
I believe your humble opinion is correct!
just my humble opinion that at 120p this stock is a bargain..
Your town dont sound very nice,I would guess you may live in the London area
We have Fosse park shopping centre near to us so i dont have any reason to go into town and as Next HQ is nearbye they do dominate the centre,but we have a large M and S ,Boots,Wh Smith,Primark ( use to be Bhs ) Currys etc,along with Sainsburys on the opp side of the rd
We have no problems at all,it has it's own security and the Police HQ is a few hundred yards away
Going back to Gold like most I think the price will rise in time, it may take a couple of years but hopefully the share price will rise as well
Just hope we get an Rns in the New Year,wherebye the new allocated blocks could be close enough to Sukari to be somehow incorporated within it
The only reason I mentioned M and S was the share price has gone up 50% in the last few weeks ( although still down for the year ) but it isnt making any money,yet other companies which offer better value seem to be overlooked
Just the way the markets work I suppose
Tiger & John,
Agree absolutely with you both, unfortunately the majority of the general public remain blissfully unaware or don't care about the money printing and debt as long as they can have "Stuff", the politicians like Boris & Farage are only thinking about political popularity and those such as Jacob Rees Mogg about making more personal millions from Brexit , so the money printing will likely just carry on, it may be good for gold or the Cartel may just sell more paper to make even more paper profit!
If it was only about arithmetic, but it isn't, it's about maintaining control at all cost and at any cost. It is this element of the equation that throws the logic of the arithmetical approach out of kilter and continually wrong-foots and confounds everyone. - A very worrying development. - An experiment of gargantuan proportions, it's effects unknown with the potential to destroy us all. - IMO
Hi Marmot & Mr Gnome,
Thank you for the ideas!
Having burnt off all the hot ETF money with the recent plunge to $1760 in gold, I think(!?!) the second leg of the gold bull market is about to begin. The ECB have already announced more QE, and the US should go for further stimulus and financial easing this week.
Note how there is now a gap between inverted real yields and the gold price (if you overlay them), so gold has "room" to rise. And also note how the total of negative yielding debt has now passed $18tn, a new all-time high. The fundamentals are there!
Anybody think the same / differently?
Equities in Europe traded lower in the premarket on Tuesday amid the uncertainty regarding the European Union and the United Kingdom's negotiations over their post-Brexit trade relations. Although both sides stressed they were hoping to reach a deal, German Foreign Minister Heiko Maas later stated the bloc was preparing for a no-deal scenario. Meanwhile, Berlin confirmed the lockdown imposed to avoid the further spread of coronavirus would remain in effect in the first months of 2021.
The DAX stood flat at 7:32 am CET. At the same time, the FTSE 100 traded 0.25% lower, while the CAC 40 declined by 0.15%.
Both the euro and the pound sterling stood flat against the dollar, selling for $X1.21492 and $1.33278, respectively, at 7:28 am CET.
Breaking the News / JR
Gold plus .6% in premarket
Benz Mining would be another to watch carefully. Early stage but ... Nice grades, and the ore discovery seems predictable with the use of TEM.
https://benzmining.com/ as was the case when it was first discovered by Placer decades ago. They lost the plot, but now have a new team and updated search (TEM) technology....
go gold.... abd CEY remains of great interest to me.
Monday, 12/14/2020 14:52
Monday, 12/14/2020 14:52
GOLD PRICES fell even against a weak US Dollar on Monday as Asian and European stock markets rose amid widening hopes for a vaccine-led economic recovery while the UK and EU agreed to a last-gasp extension to Brexit trade talks, writes Atsuko Whitehouse at BullionVault.
Spot gold prices dipped as much as 1.0% to $1820 per ounce, a 2-week low, while the US Dollar Index, which measures the greenback's value against a basket of other currencies, retreated 0.4% back to its lowest since April 2018.
Longer-term interest rates rose, in contrast, with the yield on benchmark 10-year Treasury bonds, which move inversely to price, climbing on Monday after declining two sessions in a row.
Hospitals in all 50 US states were set to receive the Pfizer-BioNTech Covid-19 vaccine on Monday after an emergency authorisation Friday.
"More than 100 million people, or about 30% of the US population, could be immunized by the end of March," US Operation Warp Speed chief adviser Dr Moncef Slaoui said in an interview Sunday.
More immediately however, and with UK vaccinations already underway, London is set to enter Tier 3 "imminently" following a sharp spike in coronavirus cases, while No.1 Eurozone economy Germany goes back into a full lockdown Wednesday, with nonessential shops and schools closed across the country over the Christmas period amid a rise in coronavirus deaths and infections.
For gold prices, "The euphoria around a Covid-19 vaccine will likely overshadow further easing from the Federal Reserve and a fiscal relief package in the near term," reckons Howie Lee, an economist at OCBC Bank in Singapore.
"But gold could rally in 2021 when the vaccine optimism dies down and investors' focus returns to rising inflation expectations due to the large swathe of monetary and fiscal stimulus the US economy still requires."
A bipartisan Covid-19 relief plan worth $908 billion is set to be introduced in the US Congress as early as today, split into two packages in a bid to win approval.
"Even if the world can recover from the pandemic to some extent," agrees gold analyst Koichiro Kamei, "the structural factors that support higher gold prices will be present."
Hardly a bizarre rant, although I agree the market is moved by news, its the concentration on the certain elements of the news which is certainly taken advantage of by those on the inside that want to drive or panic the indices up or down.
Thanks mrtibbles I will have look at it. A developer gold mine share that I have bought this year that is coming along nicely is Pure Gold dual listed on Toronto TMX.PGM and LSE as L.PUR.
A Canadian developer with a v. experienced team and mega shareholders in Eric Sprott 10% , Newmont 9% and Anglo Ashanti 15% ,out of total of 394m share in issue. The development has been fully funded to production. But it is their drilling for the next phase which could be the real game changer says management. Phase 1 is to become a 100k oz pa producer but drill results suggest they could have much more going forward.
The only downside is that London is its secondary listing so volumes to date have been averaging only 150k p day and there's a big spread between bid and ask.
After E.Sprott bought 39m Pure shares in June the price has risen in 3 step movements and we now appear to be starting another breakout with a new ATHigh Friday and today in anticipation of inclusion in GDXJ ETF on Friday 18/12 and first gold pour by year end.
Something to ponder while CEY gets its mojo back.
What a bizarre rant. Brexit talks continue + roll out of vaccine in US. That's bad for gold. It's not manipulation. If and when it's conclusively a no deal brexit, and if and when american stimulus is approved, then that's probably good for gold. It's not manipulation for a price to rise and fall on daily news.
POG being orchestrated at will now. - There has always been manipulation but never so blatant and so overtly IMO. - All in the knowledge that the law will not intervene. - For me this is the most worrying aspect of what is unfolding before our eyes. - Where are the boundaries and who will patrol them? - How will this attitude spill-over into other aspects of our lives?
You may care to check this tip out, possibly for your Christmas shopping list , unfortunately I don't think listed in in London
Gold Resource Corporation.
The company is splitting its Nevadan operation off from the Mexican operations. This should happen this month or early in 2021.
I see very much higher gold production in Nevada in 2021 than this year and the Mexican operation greatly benefiting from much higher base metal prices.
The share price does not yet reflect these factors.
An additional advantage: the share is very liquid trading on average 1.2 million shares.
118.50p seemed like a bargain to me.
I should have noted in earlier post that the Dec Fed meeting is tomorrow and Wed 16/12 after which they will make a statement - which usually moves markets ! I also note today the US $ Index at 90.50 (which has a strong inverse correlation to the gold price) is trading at 2.5 year lows.
A lot of hedge funds like the pairs trade of $/gold. Are they shorting the $ here in anticipation of Fed action and expecting more money printing ? All good for gold and miners going forward.
Good to hear from you, I hope that your bargain price Christmas Centamin shares do indeed have many happy returns!
This morning taking advantage of the pre Christmas share price sale I bought some more CEY shares. After 4.5 months of gold price weakness and CEY price halving I think we are close to digging in solid around $1800 for gold and CEY at 8p down for the year seems ridiculous. We're set up for a new year rally in both gold and gold stocks. Biden getting confirmed potentially today by Electoral College votes would just underline the upside potential here.
Perhaps this week could been the turning point to higher gold and gold stock prices. Last year's gold price started rallying after the 17-18 December FOMC meeting meeting statement. The US economy (not Wall St) desperately needs more help from the Fed and the Treasury. The government and Congressional leaders only have until Fri 18/12 before the holidays to pass an interim stimulus deal. I hope they make a deal.
Unfortunately we no longer have a full size M&S in our main high street, it pulled out shortly after the BHS closed down , we are down to one M&S foodhall on a small retail park and all the other M&S food halls are at BP service stations.
Shame that M&S has declined from what it once was , good quality clothes,etc with excellent customer service, all gone now killed off by high street rent business rates, Amazon and other online outlets
Our High Street used to be pedestrianised with direct access to a bus station, but they opened up the high street to cars and closed the bus station and public toilets, although our town centre is really not worth a visit, absolutely filthy, stinks of stale urine, inhabited by alcoholics, druggies, beggars, pick pockets, pimps and unfortunate homeless living in the empty door ways of once fine stores, but the town centre does have a number of cash converters ,betting/bingo shops,charity shops, Greggs/Mc Donalds and overpriced bars, there is also free 20 min parking, but thereafter the parking is very expensive.
So where do we go from here?
Seeking Alpha UK Investments being dumped on fear of hard EU exit
Never-ending Brexit talks
In an unsurprising turn of events, U.K. Prime Minister Boris Johnson and European Commission President Ursula von der Leyen agreed on Sunday to push Brexit trade talks beyond their latest deadline, sending sterling up 1.6% to $1.3431. "Despite the exhaustion after almost a year of negotiations, despite the fact that deadlines have been missed over and over, we think it is responsible at this point to go the extra mile," the two said in a joint statement after they spoke by phone. Meanwhile, investors continue to dump U.K. investments on fears that Britain may crash out of its Brexit transition period without a trade deal in place. U.K. equity funds have bled $2.4B over the past two months, according to data provider EPFR Global, bringing total outflows since the Brexit referendum in June 2016 to
Futures point to another vaccine rally
Hopes for a continuing economic recovery saw cyclicals lead the advance for futures overnight as the U.S. gears up for a historic vaccine rollout. Dow +0.8%; S&P 500 +0.6%; Nasdaq +0.4%. "The vaccine has and will likely continue to provide a tailwind to the market that is allowing investors to look beyond record case levels, hospitalizations and deaths," said analysts at JPMorgan. On the stimulus front, a bipartisan group of lawmakers is readying a two-part proposal with $908B in pandemic relief, though disagreements remain between the two parties over liability protections for businesses and funding for state and local governments. The best chance for passing a bill would be to attach it to the 12-bill omnibus package Congress must pass by Friday to fund the federal government. It's a big week: The Federal Reserve will hold its final meeting of 2020 on Tuesday and Wednesday, with any guidance on continued asset purchases watched closely by Wall Street.
Seeking Alpha Vaccine roll out-
Less than two days after the FDA granted emergency authorization for Pfizer (NYSE:PFE) and BioNTech's (NASDAQ:BNTX) COVID-19 vaccine, nearly three million doses of the shot have been transported across the country. It's part of an historic mission to vaccinate more than 100M people by the end of March, with 145 sites in the U.S. poised to receive the vaccine today, and nearly 500 locations set to get their first doses on Tuesday and Wednesday. Five of the first vaccinations will take place at a national ceremonial "kickoff event" scheduled for this afternoon at George Washington University Hospital. Despite dry runs and contingency planning, a lot can go wrong. "Everything has to come together - the packaging, the dry ice, the vials, the material itself. It all has to come together to the same place and have enough of it and exactly the right people there ready to take it," said Yossi Sheffi, director of the MIT Center for Transportation & Logistics.
According to official guidelines from the CDC, healthcare workers should be the first to get Pfizer's (NYSE:PFE) vaccine, alongside people that live and work in long-term care. That group consists of about 24M Americans, which will take up most of the doses that will be produced by the end of the year. The goal is for rest of the U.S. population to be vaccinated by summer 2021, though some hurdles remain. 1) The logistics hurdles mentioned above, 2) Roughly four in 10 Americans say they would "definitely" or "probably" not get a vaccine, according to a recent survey by Pew Research. To achieve herd immunity, experts say that about 70% of the population needs to be vaccinated or have natural antibodies.
Very valid observations and thoughts!
The market doesn't seem to really care as long as it can carry on pushing up the indices , but how high will it take then before it decides to do a reverse about and will it be a gradual reversal or an accelerated one,or will it dare to do any reversal at any time soon, or even at all?