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Launching a new gold-backed ETF could not come at a better time.

Recently, $1 billion (with a 'b') poured into SDPR GLD  (GLD) - Get Free Report - the world's largest exchange-traded fund backed by bullion. That marks its highest inflow since mid-2016, with GLD up about 16% since the start of the year. Now, the former head of SPDR has started his own fund, aimed at attracting a broader crowd with lower fees.

"I believe this is a turning point now for commodities, certainly in terms of gold,' said Will Rhind, CEO of GraniteShares and the man behind the firm's recently launched gold-backed ETF, Gold Trust (BAR) - Get Free Report . The increased investment demand has helped push gold prices to a nearly one-year high this week.  

BAR currently has $2.6 million in assets under management and is being marketed as a low-cost gold fund. "Our management fee is 20 basis points and contrast that with GLD that is 40 basis points,' Rhind explained.

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.