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Britain's UK's Royal Mint launches its first gold-backed listed product
From Capital.com, London
Monday, February 17, 2020
Britain's Royal Mint will list its first gold-backed exchange-traded product this week, as the price of bullion trades around its highest in seven years.
The 1,100-year-old mint will list the product on the London Stock Exchange.
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The gold exchange-traded commodity gives investors exposure to the gold price but without having to assume the responsibility to store the metal or the obligation to make or take physical delivery.
Each share in the ETC is backed by one-hundredth of an ounce of gold bullion, which the Royal Mint stores in its warehouses. It tracks the fluctuations in the spot gold price and gives investors the option to take delivery of bullion bars or coins rather than cash.
"This launch is a significant milestone for The Royal Mint as we look to the future and diversify our business for the 21st century," Anne Jessopp, CEO of the Royal Mint, said. "Our precious metals business has gone from strength to strength since its launch five years ago, and the launch of this gold-backed ETC further builds on our existing range of Mint precious metal products."
Gold is currently trading close to $1,600 an ounce, having risen by nearly 5 percent so far this year, putting its performance on a par with that of the S&P 500.
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