SPDR Gold Shares
The SPDR Gold Shares (or: SPDR Gold Trust ) is an Exchange Traded Fund (ETF ) SPDR family and is managed and marketed by State Street Global Advisors.
This ETF represented a share of gold bullion, whereas many other ETFs represent a basket of stocks. The SPDR Gold Shares was designed to track the price of gold tenth ounce. If the share price differs from the price of gold, the fund manager exchanged blocks of 100,000 units against 10,000 ounces of gold. This approach keeps the price of the ETF Roughly in line with the gold price, although the price may develop daily apart.
For several years, the fund 's second-largest ETF in the world was. As of June 2012, is the sixth largest in the United States and continues to be the largest gold exchange-traded product.
On October 31, 2012, the Fund had 42963411.100 troy ounces of gold ( 1336.30 tonnes), representing an investment of about 74 billion U.S. dollars. Since December 11, 2012, a steady outflow of gold investments can be observed. On 3 May 2013, it reached with only 34260271.680 troy ounces of gold ( 1065.61 tonnes) to its lowest level since 12 March 2009.
SPDR Gold Shares is one of the ten largest gold owner in the world, behind France and ahead of China.
History
In November 2004 the fund from State Street Global Advisors on the New York Stock Exchange was listed, with the support of the World Gold Council. Since 13 December 2007 and after a name change on 20 May 2008, the SPDR Gold Shares will be traded on the NYSE Arca. It is also traded on the stock exchanges in Singapore, Tokyo and Hong Kong.
Management
The fund's assets are in the form of London Good Delivery gold bars (400 oz. ) Held and kept at HSBC Bank USA in their London vault or their partners. The ETF pays for this purpose an annual fee of 0.4 % of the stock.
Criticism
The Fund has been criticized by Catherine Austin Fitts and Carolyn Betts for its highly complex structure and prospectus, possible conflict of interest in connection with HSBC and JPMorgan Chase, one of which is believed to have huge short positions in gold, and an overall lack transparency. Some critics compare the ETF with mortgage-backed securities and collateralized debt obligations.
These problems of the SPDR Gold Trust are not necessarily unique to a fund, yet, as one of the prevailing gold ETFs, the Fund has experienced the ausgiebigste analysis.
Approval in Germany
The ETF is not approved in Germany since funds must diversify according to the law, which is not given by nature in a gold ETF. This gold products can be offered only as a bearer note in Germany, for example, as ETCs, but with the appropriate issuer risk.