Monday, 1st November 2004 (2712 views)

A new exchange has been set up in South Africa today in gold bullion securities.

The offering is supported by the World Gold Council (WGC) and will be known as NewGold Gold Bullion Debentures, according to Mineweb.

Johannesburg's offering is the third in a series, following similar products in Sydney and London.

The product allows investors access to an instrument that is backed on a one-to-one basis by gold.

It was set up since previous WGC research showed that a number of professional investors were put off in the past by difficulties for direct investment in gold.

 

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