14 October 2010
First Ever Gold ETF redemption?
A mystery investor pays £750 fee to turn exchange traded fund shares into physical gold.
A mystery investor reportedly has made history by being the first to pay a £750 fee to turn shares in the Gold Bullion Securities exchange traded fund (ETF) into physical gold.
The ETF has a little noticed facility that allows investors to take physical delivery of their Gold by redeeming their shares in the ETF, This is first time this facility has been used.
The identity of the investor and the size of the redemption were not disclosed by ETF Securities who said that the transaction occurred ‘recently’.