World Gold Council''s bullion fund opens on NYSE

Section:

From Reuters
Thursday, November 18, 2004

http://www.reuters.com/advisorToolkit/newsArticle.jhtml?
type=fundsNews&storyID=6856019

NEW YORK -- A new gold-backed security named
streetTRACKS Gold Shares made a much-hyped
debut on the New York Stock Exchange on Thursday,
aimed a attracting the investment capital that
helped lift the bullion price to a 16-year high
earlier in the day.

StreetTRACKS, the first gold exchange-traded fund in
the United States, is listed under ticker symbol GLD
and is designed to track the price of gold and trade
intraday like any common stock on the exchange.

The ETF is sponsored by World Gold Trust Services
LLC, a unit of the World Gold Council, and offers
investors the ability to access the gold bullion
market, with each share representing one-tenth of
an ounce of gold.

"We are watching it as a managed product," said J
ames Quinn, commodities analyst at AG Edwards
& Sons, from the floor of the New York Mercantile
Exchange, where COMEX gold futures trade. "It is
just opens up another vehicle to trade gold."

By 10:28 a.m. EST StreetTRACKS Gold Shares
fetched $44.17 which was down from a high near
the start of trading at $44.49.

The gold industry has looked to ETFs to sustain
investor interest in the market. ETFs offer the
small investor a chance to hold interests in gold
without handling the physical commodity.

Excitement about the launch in New York propped
up gold bullion prices, which earlier Thursday
reached $445.90 an ounce to mark the loftiest level
since July 1988.

But by midmorning, spot gold slid back to trade at
$440.45/441.20 an ounce.

World Gold Trust Services said in a statement that
2.3 million underwritten shares were priced in the
ETF's initial public offering.

The actual gold will be warehoused by the custodian,
HSBC Bank USA. The trust will be administered by
The Bank of New York.

Bear Hunter Structured Products LLC is the specialist
firm for streetTRACKS at NYSE.

Separately, San Francisco-based Barclays Global
Investors filed a registration with the Security and
Exchange Commission this year for iShares COMEX
Gold Trust, which will mimic the price of COMEX gold
futures.

* * *

GATA EDITOR'S NOTE: GLD traded slightly more
than 6 million shares Thursday on the NYSE and
closed at $44.38.

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