Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
The Royal Canadian Mint has a hit on its hands after raising $600 million from the sale of its exchange traded fund alternative, exchange traded receipts backed by physical gold bullion held in the mint’s facilities in Ottawa, Ontario.
The Canadian mint, which introduced the ETRs just over three weeks ago, says that ETRs are different than other gold investment products since the purchaser of an ETR owns the actual gold rather than a unit or share in an entity that owns the gold.
Given the money raised, the Globe and Mail calculates that the ETRs may be the largest initial public offering of the year.
The initial size of the ETR service was set at $250 million, and the annual service fee for ETR holders is 0.35%.
The exchange traded receipts will be listed on the Toronto Stock Exchange under the stock symbol MNT.
Image of the Royal Canadian Mint in Ottawa by jpctalbot
2 Comments
Dave
It is trading at just under $20 today, but what does that get you? Is it linked to a certain quantity of gold or what? How much gold is held currently and how fast can that be added to if demand warrants it? At what point would they be oversold and what would the consequences be of that? Does the mint have to compete on the open market to fill their quotas or do they have agreements in place with gold mining companies for future supply and based on what quantities and pricing?
Info
Is there a reason that comments are disabled on most sites carrying this “Breaking News”?
Could is be because this is a complete scam.
Yea… here is $20.. you keep the gold in your vault.
All these programs are scams. I’d like to see gold go up in the future and these people trying to collect. It won’t happen.