Gold ETFs "Set to Launch in China"

CHINA is set to see the launch of the country's first Gold ETFs, according to a report on state-run Shanghai Securities News cited by Marketwatch.

Various press reports list Bosera Asset Management, E Fund Asset Management, Guotai Asset Management and Hua An Asset Management as firms that have been given permission to start developing Gold ETF products. 

Chinese demand to Buy Gold totaled just over 400 tonnes in the first half of 2012 – a 2.8% increase on the same period last year – according to World Gold Council data.

The world's biggest Gold ETF, the SPDR Gold Trust (GLD), saw its gold holdings climb by nearly 2% in the first six months of 2012. Securities and Exchange Commission filings published last week show that hedge funds Paulson & Co. and Soros Fund Management both increased their stakes in the GLD during the second quarter.

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