Fund flows into gold ETFs are out of this world, and now well-known gold bull Eric Sprott is looking to get in on the action.
Last week, Sprott Asset Management filed an F-1 for a $575 million IPO of a small gold trust called the Sprott Physical Gold Trust (PHYS).
In the prospectus, Sprott lists a number of advantages of the fund like, a “convenient way to own physical gold bullion” and an “ability to redeem units for physical gold bullion.”
All gold ETFs are backed by physical gold, of course, and large investors have redeemed bullion from the like of GLD, but Sprott is really trying to play up the physical aspect — hence the name and the ticker “PHYS” — though arguably that’s mainly marketing
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