GoldnBoy replied the topic: Market Sentiment shifting
Looks like more paper gold is needed
The World Gold Council has filed for a new physical gold ETF. The Gold Trust will be very similar to the $35 billion SPDR Gold Trust (GLD), the world’s largest gold fund, but with key differences.
At first glance, the fund looks like it will go head to head with GLD, but maybe not. It seems unlikely the World Gold Council would want to cannibalize a successful existing product that already has its backing. The filing is actually quite vague, with a lot of information—including the ticker and expense ratio—left blank.
GLD’s main competitor is the iShares Gold Trust (IAU). A share of IAU represents ownership of 1/100th of an ounce of gold. However, one share of GLD represents 1/10th of an ounce of gold.
Gambler replied the topic: Market Sentiment shifting
Treasury secretary invites China to move from dollars to gold
Treasury Secretary Steven Mnuchin warned today that the U.S. may impose additional sanctions on China -- potentially cutting off access to the U.S. financial system -- if it doesn't follow through on a fresh round of United Nations restrictions against North Korea.
The UN Security Council added new sanctions against North Korea after leader Kim Jong Un's regime conducted its sixth and most powerful nuclear test. Mnuchin echoed the U.S. envoy to the UN, Nikki Haley, in calling the sanctions "historic" even though they didnt include U.S. demands for a full oil embargo and a freeze on Kim's assets. The new measures include limiting North Korea's imports of petroleum products and banning textile exports.
"If China doesn't follow these sanctions, we will put additional sanctions on them and prevent them from accessing the U.S. and international dollar system -- and that's quite meaningful," Mnuchin said during an event at CNBC's Delivering Alpha conference in New York. ...