It looks like the SPDR Gold Shares (NYSE: GLD) is about to get some new competition, albeit far a far smaller trading vehicle. A F-1 filing at the SEC was made today by Sprott Physical Gold Trust, which is going to be selling units via an initial public offering. Be advised that this is a Canadian trust established as an Ontario trust, and it was created to invest and hold substantially all of its assets in physical gold bullion. In short, it wants to compete against the “GLD.” While no terms beyond a $10.00 offering price are formally listed, it noted in the filing that it will sell up to $575 million in this IPO. (more)
Friday, December 11, 2009
New Quasi-Competition For Gold Trust ETF (GLD, PHYS)
It looks like the SPDR Gold Shares (NYSE: GLD) is about to get some new competition, albeit far a far smaller trading vehicle. A F-1 filing at the SEC was made today by Sprott Physical Gold Trust, which is going to be selling units via an initial public offering. Be advised that this is a Canadian trust established as an Ontario trust, and it was created to invest and hold substantially all of its assets in physical gold bullion. In short, it wants to compete against the “GLD.” While no terms beyond a $10.00 offering price are formally listed, it noted in the filing that it will sell up to $575 million in this IPO. (more)
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