ETFS unveils Physical Swiss Gold Shares in US

The ETFS Physical Swiss Gold Shares, designed to reflect the performance of the price of gold, are backed by physical gold bullion held by JP Morgan, stored in vaults in Zurich. The shares can only be issued when the bullion is delivered into the trust account at the vault, which is independently inspected twice a year. An appointed trustee must also approve all deposits and withdrawals of bullion held by the custodian. As a result, the physical gold bullion of the trust is exposed to minimal counterparty or credit risk, as opposed to products which provide access to the price of bull...