Representatives from The Perth Mint, Australia’s largest fully integrated precious metals refining, minting and depository enterprise, will ring the closing bell at New York Stock Exchange today.
Gold is up 10% so far in 2019 due to economic concerns and expectations that the Federal Reserve will lower interest rates. Historically, gold has performed well during periods of economic and financial distress. AAAU may be an attractive vehicle for investors to gain access to gold.
The bell ringing is to celebrate its recently launched Perth Mint Physical Gold ETF (NYSEArca: AAAU).
AAAU is the first gold ETF backed by a sovereign entity, the Government of Western Australia. The fund’s Custodian Gold Corporation, which trades as The Perth Mint, is 100% owned by the Government of Western Australia and the guarantee is explicitly stated in an Act of Parliament, the Gold Corporation Act 1987. The majority of the fund’s physical gold is vaulted by The Perth Mint, and its network of central bank grade vaults is the largest in the southern hemisphere and located in Western Australia, one of the world’s most geopolitically stable regions.
Additionally, AAAU shareholders can choose to exchange shares for physical gold from The Perth Mint at any time to almost any location serviced by FedEx. The fund is the only US-listed ETF to vault gold in Asia versus the traditional centers of NYC and London. The ETF comes with a very competitive management fee of 0.18% per annum, and it minimizes potential tracking error to the gold price that currency conversion could allow.