London-Listed Gold ETF to Allow Exchanges for Coins

ETF Trends

ETF Securities on Thursday said it will allow individual investors to exchange a gold ETF listed on the London Stock Exchange for coins.

The move affects Gold Bullion Securities, an exchange traded product listed on the LSE under the ticker “GBS.”

GBS is backed by physical bullion and began trading in 20014.

“It has become increasingly important to reassure investors that their securities are backed by physical gold,” said Frank Spiteri, Head of Retail Distribution Strategy at ETF Securities, in a press release. “This new service enables our retail clients to switch their holding of GBS for Sovereigns and/or Britannias, knowing that their gold coins can be safely stored with or delivered by a UK government owned and regulated entity.”

Britannias are investment grade bullion coins produced by The Royal Mint.

Royal Mint will charge a 4.5% fee for the privilege and will not allow redemptions below a minimum of $7,549, according to Investors Chronicle.

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