Once the IPO is complete, the CM will be using the proceeds to acquire real PHYSICAL (tungsten?) GOLD BULLION that the holders of will actually own (swift kick in the nads to GLD).
With current gold prices of $1696, $600 million is just over 350,000 ounces of gold- approximately 11 tons!
If Blythe was smart, she would roll out one of these ETR's for silver using the US Mint, and use The Morgue's vaults to store it.
COMEX silver delivery issues solved/kicked down the road another 5 years!
In only three weeks, the new Royal Canadian Mint gold ETRs IPO has raised C$600M, more than double that originally anticipated.
The Royal Canadian Mint's hot new gold Exchange Traded Receipts IPO was initially supposed to raise C$250 million at C$20 per share, but instead raised more than double that amount.
In only three weeks the IPO has raised an astounding C$600 million, thanks to strong institutional and individual investor demand. Toronto-Dominion Bank and National Bank Financial co-led the offering.
The net proceeds of the IPO will be used to purchase gold on behalf of the ETRs investors. The Mint will use the IPO proceeds, buy gold and put it in their vault.
The purchaser of an ETR owns the actual gold rather than a unit or share in an entity that owns the gold.
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