The World Gold Council plans to create two new exchange-traded funds in cooperation with State St. Bank of Boston. One will be called the Goldmini, ticker symbol expected to be GLDM, which will have the lowest fees for any gold fund out there. Each ETF will be 1/10th the value of our existing SPDR Gold share, GLD.
The second will be called GLDW and will hold gold against foreign currencies rather than the US dollar, in part because a strong dollar hurts the price of the yellow metal. The currencies in which GLDW can buy gold are: euros, yen, pounds sterling, Canadian dolalrs, Swiss france, and Swedis Krona. The likely impact of these new ETFs on the price of gold will impact our GLD so we don't need to buy the new ones. The World Gold Council is a supporter of gold as an investment funded by the mining industry. I own STT shares, a developer of ETFs, which is how I found out about this.
