But almost overnight, exchange-traded gold funds (ETFs) have created a revolution in bullion investment. Such is the popularity of the instrument that bullion bankers and fund managers say the gold ETF market’s capitalization, now at $10.4 billion, could reach $100 billion within a decade.
The funds, which enable small investors to buy a tenth of an ounce of gold with the same ease as buying shares but without actually taking delivery of bullion, are particularly in vogue as gold prices break through 25-year highs to reach $715 an ounce.
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