ETFS takes gold fund to Asia

ETF Securities has launched its Physical Asian Gold Shares (AGOL) ETF, backed by gold held in Singapore.

The company says its product, listed today on NYSE Arca, is the first US precious metals product to be stored in Asia, although it will only use London Bullion Market Association (LBMA) approved vaults.

The gold bars themselves will have to meet the LBMA's 'good delivery' standards and will be audited bi-annually by an independent third party, while the fund's physical holdings will be published daily on the ETF Securities website.

The launch of ETFS Physical Asian Gold Shares comes after a year of strong flows into precious metal ETFs. The new fund joins the company's Swiss gold offering and a US platform that now extends to seven physically-backed precious metal ETPs.

ETFS Marketing head of product and business development Fred Jheon says: "AGOL offers investors a new alternative to invest in the gold market and diversify their physical gold holdings into Singapore."