The Royal Canadian Mint has launched a gold certificate program called ETR's or Exchange Traded Receipts.
Each receipt "provides evidence for ownership of physical gold bullion held in the custody of the Canadian Mint", and entitles ETR holders to redeem their receipts for physical gold products in the form of 99.99 per cent pure gold bars or coins.
The press release even contains an open slap-in-the-face to the GLD:
Unlike other gold investment products, the purchaser of an ETR owns the actual gold rather than a unit or share in an entity that owns the gold. The net proceeds of the offering will be used to purchase gold on behalf of the initial purchasers of ETRs at the London pm fix price on the closing date of the offering (Closing Date). Subject to certain restrictions, ETR holders will be entitled to redeem their ETRs for physical gold products in the form of 99.99 per cent pure gold bars or coins, or for cash based on the future gold price or market price of the ETRs.
That high pitched deathly screech you heard this weekend wasn't from a Haunted House- it was from Blythe upon reading the Canadian Mint's press release...
Read entire press release here:
