WGC welcomes SPDR Gold Trust listing on Hong Kong exchange Thursday , 31 Jul 2008
31 July 2008: World Gold Council welcomes the announcement that SPDR® Gold Trust, the issuer of SPDR®Gold Shares, has today listed Hong Kong's first gold-backed ETF on the Hong Kong Exchange (HKEx).
The SPDR® Gold Trust, sponsored by the World Gold Trust Services LLC (a wholly owned subsidiary of the World Gold Council) and marketed by State Street Global Advisors (SSgA), is designed to track the price of gold and trade like any stock on the exchange. The SPDR®Gold Shares are backed by physical allocated gold bullion and will be denominated in Hong Kong Dollars. Investors can buy as little as one board lot of ten shares, with each share priced at approximately one-tenth of the spot price for an ounce of gold.
James Burton, Chief Executive Officer, World Gold Council, commented:
"The listing of SPDR® Gold Shares on to the HKEx is a significant landmark for all Hong Kong investors, providing them with an efficient means of investing in the gold bullion market through a security that is listed on a regulated stock exchange.
"We have witnessed a significant increase in demand for gold from Hong Kong investors, with demand for gold at the retail level more than doubling in 2007. With inflationary pressures from elevated oil prices, higher cost of imported goods and the weakness of the Hong Kong dollar, there are several compelling reasons for investors to seek access to gold's unique investment attributes as a safe haven and inflation hedge.
"We're confident that the latest listing of the SPDR® Gold Trust will be an appealing prospect for investors in Hong Kong."
Launched by World Gold Trust Services on the New York Stock Exchange in November 2004, and traded on the NYSE Arca, since December 2007 the SPDR® Gold Trust (Ticker:GLD) was the first US commodity based exchange traded security, and has emerged as one of the fastest growing exchange traded products. GLD was subsequently cross-listed on Bolsa Mexicana de Valores in August 2006, and the Singapore Exchange in October 2006 and more recently on the Tokyo Stock Exchange in June 2008. Today's listing on the HKEx marks the conclusion of SPDR® Gold Shares cross-listing in Asia. SPDR® Gold Trust is now one of the largest and most liquid commodity ETFs on the global market with total net assets of approximately USD 19 billion.
SPDR® Gold Trust (www.spdrgoldshares.com) trades under the ticker: 2840 on the Hong Kong Exchange.
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For further Information please contact:
Rebecca Clark, Capital MS&L, on 020 7307 5342, or e-mail [email protected]
Notes to Editors:
World Gold Council
The World Gold Council (WGC), a commercially-driven marketing organisation, is funded by the world's leading gold mining companies. A global advocate for gold, the WGC aims to promote the demand for gold in all its forms through marketing activities in major international markets. For further information visit www.gold.org.
