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Do Gold and Silver ETFs Make Good Investments?

SGOL, ETFS Physical Gold Shares

SGOL is the newest gold ETF and was launched in September 2009. The fund has $955 million in assets and 752,017 ounces with an expense ratio of 0.39%. Although the ETF is small, year-to-date it has grown 146% in terms of ounces. There is unallocated gold but according to the prospectus not enough to make up a whole bar of gold.

The trustee is Bank of New York Mellon, the custodian is JPMorgan and the gold is held in Zurich, Switzerland. The Zurich sub-custodian is UBS. The last audit was by Inspectorate International in December 2009 . The 757 gold bars examined, at that point, were of 99.50% to 99.99% purity. The inspection was at the sub-custodian's vault and there were no anomalies found.

In the second quarter, Goldman Sachs (GS) bought 102,195 shares of the SGOL, making it the second largest investor behind JPMorgan, which holds 398,153 shares. Morgan Stanley (MS) comes in third with 85,093 shares.
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