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 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 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.
This expert take on gold is brought to you by www.kitco.com.
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