KITCO NEWS – Launching a new gold-backed ETF could not come at a better time. Last week, $1 billion (with a ‘b’) poured into SPDR GLD – 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). The increased investment demand has helped push gold prices to a nearly one-year high this week. Gold for December delivery last traded at $1,349.80 an ounce, up 0.81% on the day. BAR currently has $26 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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