Saturday, January 29, 2005

Secret £1.55bn gold backs trading funds

ONE of the largest hoards of gold ever gathered outside a central bank has been accumulated at a secret address in London over the past few months.

Gold Bullion Securities (GBS), the British and Australian ETF that listed in London in December 2003, has 60 tonnes of gold in the vault — a 30 per cent increase in the past four months. StreetTRACKS, its sister ETF in the US, which was launched in November, is now backed by 152 tonnes of gold deposited in the same vault.

Read more here.

Source: Times Business, By Patrick Hosking, Investment Editor.

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