New gold fund trading on S. Africa exchange

Nov 02, 2004 | 09:22 AM |

South African investors can trade in gold bullion for the first time following the Nov. 2 listing of an exchange-traded fund called Absa NewGold.

The launch of the fund by Absa Corporate & Merchant Bank means investors can buy and sell shares in 400-ounce gold bars through the Johannesburg Stock Exchange. Each share represents--and is backed by--one-hundredth of one fine troy ounce of gold held by Rand Refinery.....

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