ETFS launches gold backed ETC in London

The ETFS Physical Swiss Gold is 100% backed by allocated physical gold bullion that meets London Bullion Market Association (LBMA) good delivery standards. The gold is held in vaults in Zurich, Switzerland. The security is designed to return the spot price of gold, less fees, which is referenced against a daily fixing price issued by LBMA. The firm says shares can only be issued when bullion is delivered into the trust account at the custodian's vault, which has an appointed trustee to approve all deposits and withdrawals of bullion. The security will also undergo a bi-annual inspe...