The Royal Mint Launches First Gold-backed Listed Product

SEATTLE (Scrap Monster): Britain’s Royal Mint will launch its first gold-backed exchange-traded product this week. The gold ETC will be listed on the London Stock Exchange. The Royal Mint Physical Gold Securities ETC will offer investors an effective way to access the gold market.

According to reports, this is the first gold-backed listed product to be backed by The Royal Mint. The product will be fully backed by London Bullion Market Association (LBMA) Good Delivery Bars. The physical gold associated with the gold ETC will be held in The Royal Mint’s vaults. It will track the fluctuations in the spot gold price and provide investors with the option to take delivery of bullion bars or coins instead of cash.

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Anne Jessopp, CEO of the Royal Mint noted that the launch of the gold-backed exchange-traded product is a significant milestone for The Royal Mint in its efforts for business diversification. The launch will further add to its existing range of Mint precious metal products, she added.

The investment in gold-backed exchange traded products has been witnessing significant surge. As per World Gold Council (WGC) estimates, global holdings in such products had totalled around 3,000 tonnes in end-January this year.