Royal Mint to launch gold tracker fund
Britain’s coin producer said its gold-backed exchange traded commodity (or ETC), which will trade on the stock market, will be available from next year.
ETCs are similar to exchange traded funds (ETFs) but they track a specific commodity rather than shares.
The new ETC will be the Royal Mint’s first listed financial product. It currently offers a range of precious metals products including gold, silver and platinum in the form of bars and coins.
All the physical gold associated with the ETC will be stored in the Royal Mint’s vault.
Jatin Patel, head of wealth management at The Royal Mint, said: “By launching a gold backed ETC we are offering investors across Europe a compelling new product for their portfolios – safe in the knowledge that they’re working with one of the UK’s most trusted organisations, and that every ounce of gold is securely held in our vault.”
The ETC will be available through share dealing platforms and financial advisers.