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Mix-Ansicht- Was Washington in 2 Jahren nicht fertig bringt macht Jo'burg über Nacht möglich! - Emerald, 31.10.2004, 17:34
Was Washington in 2 Jahren nicht fertig bringt macht Jo'burg über Nacht möglich!
-->LONDON (Mineweb.com) -- Monday November 1 sees the launch on the JSE Securities Exchange of debentures in Gold Bullion Securities. This vehicle is one of a series backed by the World Gold Council and will be known as NewGold Gold Bullion Debentures; the instrument will be handled in South Africa by Absa Corporate and Merchant Bank.
The Johannesburg instrument is the third in the series, following Sydney and London. Sydney was the first to be launched, listing on the ASX on March 27 2003 with the symbol GOLD. The London instrument was initially launched on December 9 last year (symbol GLD) and then relaunched in April with re-drawn parameters allowing for wider investment.
The purpose of these vehicles is to allow the investor to have access to an instrument that is backed on a one-to-one basis by gold. Extensive research on the part of WGC demonstrated that a proportion of professional investors, let alone private individuals, were put off by the perceived difficulties of direct investment in gold. Quite apart from the logistics of opening different client (commodity) accounts, the whole concept appeared to be too burdensome - too expensive, too risky, too difficult. The Council continues to make efforts to dispel these perceptions and the launch of these securities has opened up a hitherto closed avenue, giving investors direct exposure to the price of gold on an un-geared basis.
Each GOLD in Australia consists of a redeemable preference share plus and entitlement to gold bullion held in trust. In London, GLD is a secured undated zero coupon note, which on redemption entitles the holder to the cash equivalent of the security’s entitlement to gold - although a London-based investor may redeem in the metal if he so wishes.
Each individual security is backed by one-tenth of an ounce of allocated metal; as such there is no counter-party risk and the metal cannot be lent (the Gold Bullion Securities website actually gives a list of the individual bars, and their numbers, that are held for the trust). Management charges on the London instrument amount to 0.3% per annum, and in Australia 0.24% per annum, which is deducted from the gold backing the security. At present, therefore, for the month of October, each Australian GOLD security was backed by 99.700% of one-tenth of one ounce, while each London GLD security was backed by 99.752% of one-tenth of an ounce.
These securities can be created or redeemed at will and the gold backing them is purchased or sold accordingly and held on allocated account. At the end of October the total amount of gold in the trust backing the London and Sydney instruments combined was 57.74 tons, or 1.86 million ounces, valued at US$794 million. The securities have seen reasonably active two-way business, with investors both redeeming as well as creating, but on balance there has been a gradual upward trend in the amount of gold held in the trust, with a noticeable increase in the past four weeks as gold market activity has picked up.
Over the twelve months to mid October, the total volume traded in the two instruments was equivalent to 171.4 tons or 5.51 million ounces, which is approximately 2.97 times the amount of gold that has been taken into the trust through net creation. If this security were regarded as a company, this would be equivalent to turning over 3.1 times its market capitalisation. This is higher than a typical listed company. The Dow Jones typically has a turnover rate close to parity and in calendar 2003, the London Stock Exchange turned over 1.4 times its year-end market cap, so the hybrid element of this security, with an element, no doubt, of speculation, is apparent.
With South African investors unable (for the time being) to hold unwrought gold in physical form, and private individuals only able to hold Krugerrands, the progress of this new security in South Africa will be interesting to watch.
Meanwhile the tedious task of listing a gold-backed Exchange Traded Fund in the United States plods on. The Council has been working on a US listing for almost two years and has had to meet the very stringent requirements of the SEC, not least with respect to reassurances about liquidity in the gold market itself. These and other issues have been addressed in turn and the suggestion is that the listing may at least be on the horizon. To this effect it was of interest that the chief executive of the New York Stock Exchange said last week, with specific reference to this ETF, that it takes time to achieve regulatory approval and that there has not been a delay. This was substantiated by comments from Barclays Global Investors who used the word “years” in a similar context. The NYSE and the WGC remain in their regulatory-imposed quiet period, during which promotion of the product is forbidden. It is to be hoped that soon they will be able to make a lot of noise.
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