E T F 1 2000 (2005 ) 500 28
( ) TSEC MONTHLY REVIEW tons 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Gold Supply & Demand Fundamentals 3,827 3,735 3,497 3,367 3,194 2,576 2,470 2,314 2,177 2,022 610 708 835 939 828 479 527 545 617 478 2000 2001 2002 2003 2004 Mine Production Official Sector Sales Gold Scrap Total Demand Source: GFMS - Gold Survey 2005 OTC PM FIX 500 Source: Bloomberg 2002 ETF ETF GOLD.AU ETF ETF ETF 29
ETF 6 340 ETF ETF ETF ETF ETF 2 ETF ETF Gold Shares Shares 2004 11 NYSE (New York Stock Exchange) GLD Barclays Global Investor ishares 2005 1 AMEX (American Stock Exchange) IAU ETF 12/15/2005 2.1 BGI 12/15/2005 7.6 ETF ETF ETF ETF (sponsor) (Custodian Bank) (Authorized Participants) 2004 11 12 streettracks Gold Trust World Gold 3 Trust Services, LLC 100% (Sponsor) Bank of New York (Trustee) 30
TSEC MONTHLY REVIEW HSBC Bank USA ETF 30,000 (Basket) ETF 100,000 ETF 1/10 436.05 9 30 (Sponsor of the trust) ETF ETF ETF (World Gold Council) ETF (Sponsor) (the Marketing Agent) 3 5 (1) (2) (3) (4) (Adjusted Net Asset Value) 0.15% the Trust and Trustee 2004 11 12 (cost-effective) (1) (2) 31
(3) (Authorized Participants) (Net Asset Value) London PM Fix price 4 (termination date) (Trust Indenture) (the Custodian) (subcustodian) ETF ETF (London Bullion Market Association LBMA) (Allocated Accounts) (Unallocated Account) ETF ETF 430 ETF 32
TSEC MONTHLY REVIEW ETF ETF (low-to-negative correlation ) (portfolio diversifier) (liquidity) ETF 1.00 Correlations with Gold -0.14-0.14-0.14 Gold US Equities Cash US Fixed Income 0.05 International Equities Real Estate -0.04 Source: Zephyr StyleADVISOR, SsgA Advisor Consulting Services Research Gold Price-London PM Fix, Gold; S&P 500 Index, US Equities; Citigroup 3-Month T-bill, Cash; Lehman US Aggregate Bond Index, US Fixed Income; MSCI EAFE Index, International Equities; DJ Wilshire REIT Index, Real Estate (October 1984 - September 2004) ETF 33
1. ETF 2. ETF 3. ETF NYSE 4. ETF ETF ETF (1) (Sponsor) (2) (Trustee) (3) (Custodian) (4) (Marketing Agent) (5) NYSE 0.15%( (Sponsor) 0.0125%) 0.02%( (Trustee) 0.002%) 50 200 0.1%( (Custodian) 0.008%) (Marketing 0.15%( Agent) 0.0125%) 663,000 Source: the prospectus of streetracks Gold Trust, Jan 21, 2005 ETF ETF ETF 34
TSEC MONTHLY REVIEW ETF (NAV) ETF ETF (NAV) Source: the prospectus of streetracks Gold Trust, Jan 21, 2005, p.32 (scenario analysis) 5% (NAV) 35
Source: the prospectus of streetracks Gold Trust, Jan 21, 2005, p.32 ETF 1. (Trustee) (Sponsor) (cash account) 12 0.01 2. (Authorized Participants) 100,000 ETF (1) (2) DTC 5 (Sponsor) (Trustee) (Participant Agreement) ETF 36
TSEC MONTHLY REVIEW 2,000 (transaction fee) (Creation Procedures) (business day) (Trustee) 100,000 (Trustee) ETF ETF ETF ETF (Basket) ETF (NAV) 0.001 (1) 37
E TF ( 3 ) ( ) (2) ETF = (3) ETF ( E T F - < 0 ) E T F = (Redemption Procedures) (business day) (Trustee) 100,000 ETF (NAV) 0.001 38
TSEC MONTHLY REVIEW (1) ETF ( 3 ) ( ) (2) ETF = (3) ETF ( ) E T F - < 0 E T F = ETF (Risk Factors) ETF Law of One Price 39
10 1999 15 (Central Bank Gold Agreement the Washington Agreement on Gold) 5 2004 3 5 2005 9 23 10 0.7% ETF (subcustodian) (Trustee) (Custodian) ETF 40
TSEC MONTHLY REVIEW ETF 81 995 999.99 999.99 (OTC) London Bullion Market Association (Market Maker) HSBC JPMorgan Chase Bank LBMA 41
999.99 90% 42
TSEC MONTHLY REVIEW ETF ETF ETF 999.99 995 ETF (creation) ETF ETF ETF ETF 43
ETF ETF ETF ETF 81 ETF ETF ETF 44
TSEC MONTHLY REVIEW ETF ETF ETF ETF ETF Morgan Stanley ETF 2005 502 ETF 32 3,598 1993 3 ETF 8 ETF ETF ETF ETF ETF ETF 45
ETF ETF 1 2 Gold Shares 3 World Gold Council 1987 23 4 London AM Fix London PM 5 the Depository Trust Company SEC ETF 1 ETF 133 93 12 19~ 33 2 The prospectus of streetracks Gold Trust, Jan 21, 2005. 3 The report from Morgan Stanley, Exchange Traded Funds End Q3 2005 Review, Oct 25, 2005. 46
TSEC MONTHLY REVIEW 5 47
100 3 100 2,000 100 100 100 18 22 48
TSEC MONTHLY REVIEW 49