Source Physical Gold P-ETC
Source, the specialist provider of exchange traded products partnered with BofA Merrill Lynch, Goldman Sachs, JP Morgan, Morgan Stanley and Nomura, listed the Source Physical Gold P-ETC (SGLD) on the London Stock Exchange in June 2009.[18] The product has also been cross-listed on the SIX Swiss Exchange (SIX)in November 2010.[19]
SGLD trades in US dollars and has raised over US$1.1 billion in assets to date.[20]
Each Gold P-ETC is a certificate which is secured by gold bullion held in J.P. Morgan Chase Bank’s London vaults. The vast majority of gold bullion is held in allocated gold bars. Any residual value that cannot be split into standard gold bars will be put into unallocated gold. This is placed in a segregated account with J.P. Morgan Chase Bank acting as Custodian and Deutsche Bank as Trustee. The investment return is achieved by holding gold bullion which is valued daily at the London PM fixing price.[21]
One of the main advantages of this product is the annual management fee, which at 0.29% is considerably lower than comparable competing products. SGLD has achieved UK reporting status, which provides for preferential tax treatment in the United Kingdom
الثلاثاء، 22 نوفمبر 2011
Benchmark Gold BeES
On 19 March 2007 Benchmark Asset Management Company Private Ltd, a Mumbai-based mutual fund house, launched Gold BeES (NSE: GOLDBEES) on the National Stock Exchange of India. The name is short for "Gold Benchmark Exchange-traded Scheme." Shares are sold in approximately 1 gram gold units. The scheme's assets are 90-100% physical gold, and up to 10% money market instruments, securitised debts (up to 5%), and bonds.[26]
[edit]UTI Gold Exchange Traded Fund
On 17 April 2007 UTI Mutual Fund listed Gold Exchange Traded Fund (NSE: GOLDSHARE) on the National Stock Exchange of India. The fund states that its objective is "to provide investment returns that, before expenses, closely correspond to the performance and yield of the gold prices or gold related instruments."[27] Every unit of UTI Gold Exchange Traded Fund approximately represents one gram of pure gold. Units allotted under the scheme will be credited to investors’ demat accounts.[28]
On 19 March 2007 Benchmark Asset Management Company Private Ltd, a Mumbai-based mutual fund house, launched Gold BeES (NSE: GOLDBEES) on the National Stock Exchange of India. The name is short for "Gold Benchmark Exchange-traded Scheme." Shares are sold in approximately 1 gram gold units. The scheme's assets are 90-100% physical gold, and up to 10% money market instruments, securitised debts (up to 5%), and bonds.[26]
[edit]UTI Gold Exchange Traded Fund
On 17 April 2007 UTI Mutual Fund listed Gold Exchange Traded Fund (NSE: GOLDSHARE) on the National Stock Exchange of India. The fund states that its objective is "to provide investment returns that, before expenses, closely correspond to the performance and yield of the gold prices or gold related instruments."[27] Every unit of UTI Gold Exchange Traded Fund approximately represents one gram of pure gold. Units allotted under the scheme will be credited to investors’ demat accounts.[28]
ETFS Gold
In September 2006 ETF Securities launched ETFS Gold (LSE: BULL) which tracks the DJ-AIG Gold Sub-Index.
[edit]IDBI Gold ETF
IDBI Mutual Fund has launched IDBI Gold Exchange Traded Fund, an open ended Gold Exchange Traded Scheme. The investment objective of the scheme is invest in physical Gold and Gold related instruments with the objective to replicate the performance of Gold in domestic prices. The ETF will adopt a passive investment strategy and will seek to achieve the investment objective by minimizing the tracking error between the Fund and the underlying asset . The New Fund Offer (NFO) open for subscription from October 19 and close on November 2, 2011. The New Fund Offer price is Rs 100 for cash at a premium equivalent to the difference between the allotment price and face value of 100/- each. Allotment price would be approximately equal to the price of 1 gram of Gold. The Scheme does not offer any Plans for investment. The minimum investment amount is 10,000 and in multiples of Rs. 1 thereafter. Entry and exit load charge will be nil for the scheme. The scheme will invest 95% to 100% of assets in gold and gold related instruments and upto 5% of assets in debt and money market instruments. The Benchmark Index will be domestic price of physical Gold
In September 2006 ETF Securities launched ETFS Gold (LSE: BULL) which tracks the DJ-AIG Gold Sub-Index.
[edit]IDBI Gold ETF
IDBI Mutual Fund has launched IDBI Gold Exchange Traded Fund, an open ended Gold Exchange Traded Scheme. The investment objective of the scheme is invest in physical Gold and Gold related instruments with the objective to replicate the performance of Gold in domestic prices. The ETF will adopt a passive investment strategy and will seek to achieve the investment objective by minimizing the tracking error between the Fund and the underlying asset . The New Fund Offer (NFO) open for subscription from October 19 and close on November 2, 2011. The New Fund Offer price is Rs 100 for cash at a premium equivalent to the difference between the allotment price and face value of 100/- each. Allotment price would be approximately equal to the price of 1 gram of Gold. The Scheme does not offer any Plans for investment. The minimum investment amount is 10,000 and in multiples of Rs. 1 thereafter. Entry and exit load charge will be nil for the scheme. The scheme will invest 95% to 100% of assets in gold and gold related instruments and upto 5% of assets in debt and money market instruments. The Benchmark Index will be domestic price of physical Gold
Price
Gold price history in 1960-2011
Like other precious metals, gold is measured by troy weight and by grams. When it is alloyed with other metals the term carat or karat is used to indicate the purity of gold present, with 24 carats being pure gold and lower ratings proportionally less. The purity of a gold bar or coin can also be expressed as a decimal figure ranging from 0 to 1, known as the millesimal fineness, such as 0.995 being very pure.
The price of gold is determined through trading in the gold and derivatives markets, but a procedure known as the Gold Fixing in London, originating in September 1919, provides a daily benchmark price to the industry. The afternoon fixing was introduced in 1968 to provide a price when US markets are open.
Historically gold coinage was widely used as currency; when paper money was introduced, it typically was a receipt redeemable for gold coin or bullion. In a monetary system known as the gold standard, a certain weight of gold was given the name of a unit of currency. For a long period, the United States government set the value of the US dollar so that one troy ounce was equal to $20.67 ($664.56/kg), but in 1934 the dollar was devalued to $35.00 per troy ounce ($1125.27/kg). By 1961, it was becoming hard to maintain this price, and a pool of US and European banks agreed to manipulate the market to prevent further currency devaluation against increased gold demand.
Swiss-cast 1 kg gold bar
On March 17, 1968, economic circumstances caused the collapse of the gold pool, and a two-tiered pricing scheme was established whereby gold was still used to settle international accounts at the old $35.00 per troy ounce ($1.13/g) but the price of gold on the private market was allowed to fluctuate; this two-tiered pricing system was abandoned in 1975 when the price of gold was left to find its free-market level. Central banks still hold historical gold reserves as a store of value although the level has generally been declining. The largest gold depository in the world is that of the U.S. Federal Reserve Bank in New York, which holds about 3%[74] of the gold ever mined, as does the similarly laden U.S. Bullion Depository at Fort Knox. In 2005 the World Gold Council estimated total global gold supply to be 3,859 tonnes and demand to be 3,754 tonnes, giving a surplus of 105 tonnes.[75]
Since 1968 the price of gold has ranged widely, from a high of $850/oz ($27,300/kg) on January 21, 1980, to a low of $252.90/oz ($8,131/kg) on June 21, 1999 (London Gold Fixing).[76] The period from 1999 to 2001 marked the "Brown Bottom" after a 20-year bear market.[77] Prices increased rapidly from 1991, but the 1980 high was not exceeded until January 3, 2008 when a new maximum of $865.35 per troy ounce was set.[78] Another record price was set on March 17, 2008 at $1023.50/oz ($32,900/kg).[78] In late 2009, gold markets experienced renewed momentum upwards due to increased demand and a weakening US dollar. On December 2, 2009, Gold passed the important barrier of US$1200 per ounce to close at $1215.[79] Gold further rallied hitting new highs in May 2010 after the European Union debt crisis prompted further purchase of gold as a safe asset.[80][81] On March 1, 2011, gold hit a new all-time high of $1432.57, based on investor concerns regarding ongoing unrest in North Africa as well as in the Middle East.[82]
Since April 2001 the gold price has more than quintupled in value against the US dollar, hitting a new all-time high of $1,913.50 on August 23, 2011,[83] prompting speculation that this long secular bear market has ended and a bull market has returned.[84]
Gold price history in 1960-2011
Like other precious metals, gold is measured by troy weight and by grams. When it is alloyed with other metals the term carat or karat is used to indicate the purity of gold present, with 24 carats being pure gold and lower ratings proportionally less. The purity of a gold bar or coin can also be expressed as a decimal figure ranging from 0 to 1, known as the millesimal fineness, such as 0.995 being very pure.
The price of gold is determined through trading in the gold and derivatives markets, but a procedure known as the Gold Fixing in London, originating in September 1919, provides a daily benchmark price to the industry. The afternoon fixing was introduced in 1968 to provide a price when US markets are open.
Historically gold coinage was widely used as currency; when paper money was introduced, it typically was a receipt redeemable for gold coin or bullion. In a monetary system known as the gold standard, a certain weight of gold was given the name of a unit of currency. For a long period, the United States government set the value of the US dollar so that one troy ounce was equal to $20.67 ($664.56/kg), but in 1934 the dollar was devalued to $35.00 per troy ounce ($1125.27/kg). By 1961, it was becoming hard to maintain this price, and a pool of US and European banks agreed to manipulate the market to prevent further currency devaluation against increased gold demand.
Swiss-cast 1 kg gold bar
On March 17, 1968, economic circumstances caused the collapse of the gold pool, and a two-tiered pricing scheme was established whereby gold was still used to settle international accounts at the old $35.00 per troy ounce ($1.13/g) but the price of gold on the private market was allowed to fluctuate; this two-tiered pricing system was abandoned in 1975 when the price of gold was left to find its free-market level. Central banks still hold historical gold reserves as a store of value although the level has generally been declining. The largest gold depository in the world is that of the U.S. Federal Reserve Bank in New York, which holds about 3%[74] of the gold ever mined, as does the similarly laden U.S. Bullion Depository at Fort Knox. In 2005 the World Gold Council estimated total global gold supply to be 3,859 tonnes and demand to be 3,754 tonnes, giving a surplus of 105 tonnes.[75]
Since 1968 the price of gold has ranged widely, from a high of $850/oz ($27,300/kg) on January 21, 1980, to a low of $252.90/oz ($8,131/kg) on June 21, 1999 (London Gold Fixing).[76] The period from 1999 to 2001 marked the "Brown Bottom" after a 20-year bear market.[77] Prices increased rapidly from 1991, but the 1980 high was not exceeded until January 3, 2008 when a new maximum of $865.35 per troy ounce was set.[78] Another record price was set on March 17, 2008 at $1023.50/oz ($32,900/kg).[78] In late 2009, gold markets experienced renewed momentum upwards due to increased demand and a weakening US dollar. On December 2, 2009, Gold passed the important barrier of US$1200 per ounce to close at $1215.[79] Gold further rallied hitting new highs in May 2010 after the European Union debt crisis prompted further purchase of gold as a safe asset.[80][81] On March 1, 2011, gold hit a new all-time high of $1432.57, based on investor concerns regarding ongoing unrest in North Africa as well as in the Middle East.[82]
Since April 2001 the gold price has more than quintupled in value against the US dollar, hitting a new all-time high of $1,913.50 on August 23, 2011,[83] prompting speculation that this long secular bear market has ended and a bull market has returned.[84]
Consumption
The consumption of gold produced in the world is about 50% in jewelry, 40% in investments, and 10% in industry.
India is the world's largest single consumer of gold, as Indians buy about 25% of the world's gold,[58] purchasing approximately 800 tonnes of gold every year, mostly for jewelry. India is also the largest importer of gold; in 2008, India imported around 400 tonnes of gold.[59]
| Country | 2010 | 2009 | % Change |
|---|---|---|---|
 India | 745.70 | 442.37 | +69 |
| Greater China | 428.00 | 376.96 | +14 |
 United States | 128.61 | 150.28 | -14 |
 Turkey | 74.07 | 75.16 | -1 |
 Saudi Arabia | 72.95 | 77.75 | -6 |
 Russia | 67.50 | 60.12 | +12 |
 United Arab Emirates | 63.37 | 67.60 | -6 |
 Egypt | 53.43 | 56.68 | -6 |
 Indonesia | 32.75 | 41.00 | -20 |
 United Kingdom | 27.35 | 31.75 | -14 |
| Other Gulf Countries | 21.97 | 24.10 | -10 |
 Japan | 18.50 | 21.85 | -15 |
 South Korea | 15.87 | 18.83 | -16 |
 Vietnam | 14.36 | 15.08 | -5 |
 Thailand | 6.28 | 7.33 | -14 |
| Total | 1805.60 | 1508.70 | +20 |
| Other Countries | 254.0 | 251.6 | +1 |
| World Total | 2059.6 | 1760.3 | +17 |
ProductionMain articles: Gold prospecting, Gold mining, Gold extraction, and List of countries by gold productionGold output in 2005The entrance to an underground gold mine in Victoria, AustraliaPure gold precipitate produced by the aqua regia refining processGold extraction is most economical in large, easily mined deposits. Ore grades as little as 0.5 mg/kg (0.5 parts per million, ppm) can be economical. Typical ore grades in open-pit mines are 1–5 mg/kg (1–5 ppm); ore grades in underground or hard rock mines are usually at least 3 mg/kg (3 ppm). Because ore grades of 30 mg/kg (30 ppm) are usually needed before gold is visible to the naked eye, in most gold mines the gold is invisible.Since the 1880s, South Africa has been the source for a large proportion of the world's gold supply, with about 50% of all gold ever produced having come from South Africa. Production in 1970 accounted for 79% of the world supply, producing about 1,480 tonnes. 2008 production was 2,260 tonnes. In 2007 China (with 276 tonnes) overtook South Africa as the world's largest gold producer, the first time since 1905 that South Africa has not been the largest.[50]The city of Johannesburg located in South Africa was founded as a result of the Witwatersrand Gold Rush which resulted in the discovery of some of the largest gold deposits the world has ever seen. Gold fields located within the basin in the Free State and Gauteng provinces are extensive in strike and dip requiring some of the world's deepest mines, with the Savuka and TauTona mines being currently the world's deepest gold mine at 3,777 m. The Second Boer War of 1899–1901 between the British Empire and the Afrikaner Boers was at least partly over the rights of miners and possession of the gold wealth in South Africa.Other major producers are the United States, Australia, Russia and Peru. Mines in South Dakota and Nevada supply two-thirds of gold used in the United States. In South America, the controversial project Pascua Lama aims at exploitation of rich fields in the high mountains of Atacama Desert, at the border between Chile and Argentina. Today about one-quarter of the world gold output is estimated to originate from artisanal or small scale mining.[51]After initial production, gold is often subsequently refined industrially by the Wohlwill process which is based on electrolysis or by the Miller process, that is chlorination in the melt. The Wohlwill process results in higher purity, but is more complex and is only applied in small-scale installations.[52][53] Other methods of assaying and purifying smaller amounts of gold include parting and inquartation as well as cupellation, or refining methods based on the dissolution of gold in aqua regia.[54]At the end of 2009, it was estimated that all the gold ever mined totaled 165,000 tonnes.[1] This can be represented by a cube with an edge length of about 20.28 meters. At $1,600 per ounce, 165,000 tons of gold would have a value of $8.8 trillion.The average gold mining and extraction costs were about US$317/oz in 2007, but these can vary widely depending on mining type and ore quality; global mine production amounted to 2,471.1 tonnes.[55]Most of the gold used in manufactured goods, jewelry, and works of art is eventually recovered and recycled. Some gold used in spacecraft and electronic equipment cannot be profitably recovered, but it is generally used in these applications in the form of extremely thin layers or extremely fine wires so that the total quantity used (and lost) is small compared to the total amount of gold produced and stockpiled. Thus there is little true consumption of new gold in the economic sense; the stock of gold remains essentially constant (at least in the modern world) while ownership shifts from one party to another.[56] One estimate is that 85% of all the gold ever mined is still available in the world's easily recoverable stocks, with 15% having been lost, or used in non-recyclable industrial uses.[57]
Occurrence
This 156-ounce (4.85 kg) nugget was found by an individual prospector in the Southern California Desert using a metal detector.
Gold's atomic number of 79 makes it one of the higher atomic number elements which occur naturally. Like all elements with atomic numbers larger than iron, gold is thought to have been formed from a supernova nucleosynthesis process. Their explosions scattered metal-containing dusts (including heavy elements like gold) into the region of space in which they later condensed into our solar system and the Earth.[42] Because the Earth was molten when it was just formed, almost all of the gold present on Earth sank into the core. Most of the gold that is present today in the Earth's crust and mantle was delivered to Earth by asteroid impacts during the late heavy bombardment.[43]
On Earth, whenever elemental gold occurs, it appears most often as a metal solid solution of gold with silver, i.e. a gold silver alloy. Such alloys usually have a silver content of 8–10%. Electrum is elemental gold with more than 20% silver. Electrum's color runs from golden-silvery to silvery, dependent upon the silver content. The more silver, the lower the specific gravity.
Relative sizes of an 860 kg block of gold ore, and the 30 g of gold that can be extracted from it. Toi gold mine, Japan.
Gold left behind after a pyrite cube was oxidized to hematite. Note cubic shape of cavity.
Gold is found in ores made up of rock with very small or microscopic particles of gold. This gold ore is often found together with quartz or sulfide minerals such as Fool's Gold, which is a pyrite.[44] These are called lode deposits. Native gold is also found in the form of free flakes, grains or larger nuggets that have been eroded from rocks and end up in alluvial deposits (called placer deposits). Such free gold is always richer at the surface of gold-bearing veins owing to the oxidation of accompanying minerals followed by weathering, and washing of the dust into streams and rivers, where it collects and can be welded by water action to form nuggets.
Gold sometimes occurs combined with tellurium as the minerals calaverite, krennerite, nagyagite, petzite and sylvanite, and as the rare bismuthide maldonite (Au2Bi) and antimonide aurostibite (AuSb2). Gold also occurs in rare alloys with copper, lead, and mercury: the minerals auricupride (Cu3Au), novodneprite (AuPb3) and weishanite ((Au, Ag)3Hg2).
Recent research suggests that microbes can sometimes play an important role in forming gold deposits, transporting and precipitating gold to form grains and nuggets that collect in alluvial deposits.[45]
The world's oceans contain gold. Measured concentrations of gold in the Atlantic and Northeast Pacific are 50–150 fmol/L or 10–30 parts per quadrillion (about 10–30 g/km3). In general, Au concentrations for Atlantic and Pacific samples are the same (~50 fmol/L) but less certain. Mediterranean deep waters contain higher concentrations of Au (100–150 fmol/L) attributed to wind-blown dust and/or rivers. At 10 parts per quadrillion the Earth's oceans would hold 15,000 tons of gold.[46] These figures are three orders of magnitude less than reported in the literature prior to 1988, indicating contamination problems with the earlier data.
A number of people have claimed to be able to economically recover gold from sea water, but so far they have all been either mistaken or acted in an intentional deception. A so-called reverend, Prescott Jernegan ran a gold-from-seawater swindle in the United States in the 1890s. A British fraudster ran the same scam in England in the early 1900s.[47] Fritz Haber (the German inventor of the Haber process) did research on the extraction of gold from sea water in an effort to help pay Germany's reparations following World War I.[48] Based on the published values of 2 to 64 ppb of gold in seawater a commercially successful extraction seemed possible. After analysis of 4,000 water samples yielding an average of 0.004 ppb it became clear that the extraction would not be possible and he stopped the project.[49] No commercially viable mechanism for performing gold extraction from sea water has yet been identified. Gold synthesis is not economically viable and is unlikely to become so in the foreseeable future.
This 156-ounce (4.85 kg) nugget was found by an individual prospector in the Southern California Desert using a metal detector.
Gold's atomic number of 79 makes it one of the higher atomic number elements which occur naturally. Like all elements with atomic numbers larger than iron, gold is thought to have been formed from a supernova nucleosynthesis process. Their explosions scattered metal-containing dusts (including heavy elements like gold) into the region of space in which they later condensed into our solar system and the Earth.[42] Because the Earth was molten when it was just formed, almost all of the gold present on Earth sank into the core. Most of the gold that is present today in the Earth's crust and mantle was delivered to Earth by asteroid impacts during the late heavy bombardment.[43]
On Earth, whenever elemental gold occurs, it appears most often as a metal solid solution of gold with silver, i.e. a gold silver alloy. Such alloys usually have a silver content of 8–10%. Electrum is elemental gold with more than 20% silver. Electrum's color runs from golden-silvery to silvery, dependent upon the silver content. The more silver, the lower the specific gravity.
Relative sizes of an 860 kg block of gold ore, and the 30 g of gold that can be extracted from it. Toi gold mine, Japan.
Gold left behind after a pyrite cube was oxidized to hematite. Note cubic shape of cavity.
Gold is found in ores made up of rock with very small or microscopic particles of gold. This gold ore is often found together with quartz or sulfide minerals such as Fool's Gold, which is a pyrite.[44] These are called lode deposits. Native gold is also found in the form of free flakes, grains or larger nuggets that have been eroded from rocks and end up in alluvial deposits (called placer deposits). Such free gold is always richer at the surface of gold-bearing veins owing to the oxidation of accompanying minerals followed by weathering, and washing of the dust into streams and rivers, where it collects and can be welded by water action to form nuggets.
Gold sometimes occurs combined with tellurium as the minerals calaverite, krennerite, nagyagite, petzite and sylvanite, and as the rare bismuthide maldonite (Au2Bi) and antimonide aurostibite (AuSb2). Gold also occurs in rare alloys with copper, lead, and mercury: the minerals auricupride (Cu3Au), novodneprite (AuPb3) and weishanite ((Au, Ag)3Hg2).
Recent research suggests that microbes can sometimes play an important role in forming gold deposits, transporting and precipitating gold to form grains and nuggets that collect in alluvial deposits.[45]
The world's oceans contain gold. Measured concentrations of gold in the Atlantic and Northeast Pacific are 50–150 fmol/L or 10–30 parts per quadrillion (about 10–30 g/km3). In general, Au concentrations for Atlantic and Pacific samples are the same (~50 fmol/L) but less certain. Mediterranean deep waters contain higher concentrations of Au (100–150 fmol/L) attributed to wind-blown dust and/or rivers. At 10 parts per quadrillion the Earth's oceans would hold 15,000 tons of gold.[46] These figures are three orders of magnitude less than reported in the literature prior to 1988, indicating contamination problems with the earlier data.
A number of people have claimed to be able to economically recover gold from sea water, but so far they have all been either mistaken or acted in an intentional deception. A so-called reverend, Prescott Jernegan ran a gold-from-seawater swindle in the United States in the 1890s. A British fraudster ran the same scam in England in the early 1900s.[47] Fritz Haber (the German inventor of the Haber process) did research on the extraction of gold from sea water in an effort to help pay Germany's reparations following World War I.[48] Based on the published values of 2 to 64 ppb of gold in seawater a commercially successful extraction seemed possible. After analysis of 4,000 water samples yielding an average of 0.004 ppb it became clear that the extraction would not be possible and he stopped the project.[49] No commercially viable mechanism for performing gold extraction from sea water has yet been identified. Gold synthesis is not economically viable and is unlikely to become so in the foreseeable future.
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