Goldman Sachs acquired AAAU

[pmward]

Goldman Sachs has acquired AAAU https://www.gsam.com/content/gsam/globa ... d_ETF.html

"Upon closing, it is expected that GSAM will become the sole sponsor of the fund and a new third-party custodian will be appointed."

All I have to say is: BOOOOOO!!!!

Time to sell all AAAU for GLDM or IAU, imo.

[Libertarian666]

Goldman Sachs has acquired AAAU https://www.gsam.com/content/gsam/globa ... d_ETF.html

"Upon closing, it is expected that GSAM will become the sole sponsor of the fund and a new third-party custodian will be appointed."

All I have to say is: BOOOOOO!!!!

Time to sell all AAAU for GLDM or IAU, imo.

The new third-party custodian will probably be "Louie the Finger".

[I Shrugged]

That's discouraging. I'd like to know what changes will be made.

[pmward]

That's discouraging. I'd like to know what changes will be made.

New sponsor and new third-party custodian. It sounds like the whole thing is changing and Perth Mint will have no part going forward. Physical redemptions are sure to be axed. Basically, the reasons I liked the ETF over something like GLDM are basically gone now. It's a bummer. It was a good ETF while it lasted.

[Sherlock]

What is the next best alternative? IAU? PHYS?

[Libertarian666]

What is the next best alternative? IAU? PHYS?

I recommend Global Gold.
Do your own diligence, not responsible for issues, etc.

[I Shrugged]

That's discouraging. I'd like to know what changes will be made.

New sponsor and new third-party custodian. It sounds like the whole thing is changing and Perth Mint will have no part going forward. Physical redemptions are sure to be axed. Basically, the reasons I liked the ETF over something like GLDM are basically gone now. It's a bummer. It was a good ETF while it lasted.

Yes, I was wondering if PM would be involved or not. If not, and no redemptions, that's bad news. And I wonder if they will raise the expense ratio too.

[boglerdude]

Theories on why Goldman did this?

[PrimalToker]

Theories on why Goldman did this?

It's cheaper than starting their own ETF and they foresee a gold bull run and want to get in on it. They will recommend their gold fund to their clients so they can collect the fees.

[Xan]

How about why Perth did it?

[PrimalToker]

How about why Perth did it?

They foresee a gold bull run and want to get out of it. Keeping up with the physical redemption is going to get expensive. Instead of "going back on their word" they just sold it off and can blame goldman sachs for changing the fund.

[Kbg]

I would like to LOUDLY AND OBNOXIOUSLY say what I have said repeatedly...these funds are all structured the same with a gimmick here or there thrown in to appeal to goldbugs.

Just buy the cheapest one exactly like you do a stock index fund.

[dualstow]

Buy 1oz coins.

[pmward]

And now it suddenly makes sense why Perth Mint sold off AAAU, their new GoldPass app to buy and sell unallocated gold certificates with no fees, full redeemability, etc. Not sure this would be a product that would appeal to most here, but it certainly is an interesting product, especially targeted towards the younger crowd that prefers to use mobile apps for everything (also of note the "minimum" investment is only $1.50 and certificates can be bought for any dollar amount, another hint that the younger crowd is the target audience). If they can win over some of the younger crowd that helps us all, so here's hoping it is a successful product!

https://www.perthmint.com/goldpass.aspx ... PsEALw_wcB

[I Shrugged]

https://www.perthmint.com/goldpass.aspx ... PsEALw_wcB

Very interesting. Thanks!

So is this an overseas account in IRS terms? What about Bitcoin?

[johnnywitt]

What is the next best alternative? IAU? PHYS?

SGOL?

[dualstow]

And now it suddenly makes sense why Perth Mint sold off AAAU, their new GoldPass app to buy and sell unallocated gold certificates with no fees, full redeemability, etc. Not sure this would be a product that would appeal to most here, but it certainly is an interesting product, especially targeted towards the younger crowd that prefers to use mobile apps for everything (also of note the "minimum" investment is only $1.50 and certificates can be bought for any dollar amount, another hint that the younger crowd is the target audience). If they can win over some of the younger crowd that helps us all, so here's hoping it is a successful product!

https://www.perthmint.com/goldpass.aspx ... PsEALw_wcB

Thank you!

[ochotona]

Goldman Sachs has acquired AAAU https://www.gsam.com/content/gsam/globa ... d_ETF.html

"Upon closing, it is expected that GSAM will become the sole sponsor of the fund and a new third-party custodian will be appointed."

All I have to say is: BOOOOOO!!!!

Time to sell all AAAU for GLDM or IAU, imo.