Gold Corporation, a statutory authority of the Government of Western Australia and operator of The Perth Mint, today announced its intention to issue a new gold investment product.
The Perth Mint Gold Quoted Product ("PMG") would be a gold bullion product tradeable on the Australian Stock Exchange (“ASX”) and aimed at Australians seeking a convenient way to invest in physical gold, the Corporation said.
The PMG would be structured as a call warrant under ASX Business Rules.
Gold Corporation said it would make an application to the ASX to have the product quoted so investors could purchase PMGs through brokers.
The non-leveraged PMG would be fully backed by gold owned by Gold Corporation, and its ASX price is intended to track closely the international spot gold price.
The Corporation said a PMG holder would have the right to exercise the PMG and call for physical delivery of the underlying gold at any time before the PMG’s expiry.
A Product Disclosure Statement will be made available to investors on release of the PMG. Gold Corporation expects The Product Disclosure Statement to be released by 28 February 2003. Interested investors should read the Product Disclosure Statement, which will be available at www.perthmint.com.au on the release date.
The Corporation said it would continue to offer The Perth Mint’s existing precious metal depository investment products in addition to the new PMG.
Further information: Michael Kile, Manager, Business Development, Tel.(08) 9421 7401.
The Perth Mint Buildings, 310 Hay Street, East Perth, Western Australia 6004 Postal Address: GPO Box M924, Perth, Western Australia 6001 ---
This new trading vechile looks to be a boon to Australian Goldbugs - not only will you be able to trade this vechile via bids on the buy/sell (narrow spreads) but you can also use it for taking delivery.
Imagine buying gold as easy as buying a share & you don't have to take delivery but can on-trade it if you wish.
You'll also be able to preplace buy/sell bids in the expectation that if the price moves to your price then you'll get filled.
Seems like the ease of fiat with the backing & ownership of physical when desired. And backed by the integrity of the Perth Mint. What more could a goldbug want.
