NEW YORK STOCK EXCHANGE TICKER: "GLD"
Home
Home
Contact Us
Links to other sites
The sitemap
StreetTRACKS Gold Shares
Financial Information
How to invest...
U.S. Investors click here to download prospectus
Gold Bar List
FAQs
Gold charts
News
Research & Communications


Total Gold in Trust:
Tonnes:
346.38
Ounces: 11,136,457
Value US$
7,788,425,393.14
 
 


Australia (by PWC) | UK (by Mercer) | US (by Mercer)
Overview
Gold Bullion Securities and the World Gold Council have commissioned a number of independent actuarial studies to investigate the statistical and portfolio properties of holding gold bullion in a typical diversified pension portfolio.

The reports found similar results being:
• The gold bullion price (in local currency) is not related to the major domestic equity markets;
• A small amount of gold bullion in a portfolio can decrease the volatility of returns; and
• A small amount of gold can decrease the probability of a very negative return.

To download a full copy of each report, please click on the relevant icon.
Australia (PwC)
United Kingdom (Mercer)
United States (Mercer)


PricewaterhouseCooper Report (Australia)


Gold Bullion and Superannuation Investment Policies

A review and analysis of the role that gold bullion could play in the investment policy of Australian superannuation funds


This Report is an independent research Report that analyses the possible impact of the addition of gold bullion as a separate asset class within an investment portfolio. However this Report makes no recommendations as to whether gold bullion should be included within investment portfolios of Australian superannuation funds.

The Report has two major sections. The first reviews the historical evidence whilst the second uses a macro economic and investment simulation model and a gold return simulation model which produces a distribution of possible future outcomes.

As part of the historical review, it is concluded that:
  • Gold bullion has characteristics in terms of risk and return that suggests it is very different from the traditional asset classes

  • The correlation coefficients of the investment returns for gold bullion with all other asset classes are slightly negative or close to zero

  • The introduction of gold bullion would have had different impacts for the 1992-97 and 1997-2002 periods. In the earlier period it would have reduced the return by about 0.1-0.2% pa for each 1% of gold bullion investment. However, for 1997-2002, the introduction of gold would have had virtually no impact on the investment return

  • The introduction of gold bullion into the portfolio during the last 5 or 10 years would have reduced the volatility of the investment returns, as measured by the standard deviation of monthly returns

  • Efficient investment portfolios, as measured by the efficient frontier, would have included exposure to gold bullion for the period 1997-2002. For the 10 year period to June 2002, some gold allocation would have been efficient if a reduced risk level was desired, together with the corresponding lower return.
A PricewaterhouseCoopers macro economic and investment simulation model, including a gold bullion module developed for this assignment, has been used to simulate the distribution of projected investment returns of Australian superannuation funds.

The simulations show that the introduction of gold bullion:
  • Reduces the spread of possible investment returns as the probability of an extreme outcome is less likely

  • Reduces the median return by 0.3-0.4% pa in most cases, where there is a 5% exposure to gold

  • Requires an expected return from gold bullion between the expected return from cash and the expected return from equities to cause a portfolio including 5% gold bullion to have a preferred risk-return position when compared to the performance from other typical investment portfolios.
Dr David Knox
November 2002

Mercer Investment Consulting (United Kingdom)
Proin ipsum nibh, scelerisque sit amet, luctus non, congue adipiscing, libero. Pellentesque risus dui, porta sed, elementum vel, cursus ac, risus. Maecenas scelerisque, justo quis malesuada tempor, wisi mauris rutrum pede, id malesuada sem libero id sem. Sed placerat neque id ligula. Nunc id dui. Proin malesuada pede tempus libero. Cras rutrum enim nec tellus. Sed nisl leo, mollis sed, dictum et, mattis euismod, lacus. Donec enim augue, iaculis a, condimentum et, tristique ac, elit. Curabitur enim pede, sagittis quis, vestibulum vel, mollis vitae, ante. Donec lacinia, arcu sed ultricies semper, sem felis vulputate leo, et sollicitudin metus lectus at odio. Pellentesque et justo nec turpis luctus gravida. Proin fringilla elementum velit. Fusce hendrerit.



Mercer Investment Consulting (United States)
Proin ipsum nibh, scelerisque sit amet, luctus non, congue adipiscing, libero. Pellentesque risus dui, porta sed, elementum vel, cursus ac, risus. Maecenas scelerisque, justo quis malesuada tempor, wisi mauris rutrum pede, id malesuada sem libero id sem. Sed placerat neque id ligula. Nunc id dui. Proin malesuada pede tempus libero. Cras rutrum enim nec tellus. Sed nisl leo, mollis sed, dictum et, mattis euismod, lacus. Donec enim augue, iaculis a, condimentum et, tristique ac, elit. Curabitur enim pede, sagittis quis, vestibulum vel, mollis vitae, ante. Donec lacinia, arcu sed ultricies semper, sem felis vulputate leo, et sollicitudin metus lectus at odio. Pellentesque et justo nec turpis luctus gravida. Proin fringilla elementum velit. Fusce hendrerit.


last sale: $ 68.15
data source : www.thebulliondesk.com
data delayed 20 mins
Current Indicative Intraday Value of GLD
  $ 68.66

data delayed 5-10 sec

US$ Gold/oz
bid: $ 690.45
offer: $ 690.95
mid: $ 690.70
data source : www.thebulliondesk.com
data delayed 5-10 sec
05/18/2006
Financial Information
Historical Data Archive
Gold Price Charts
Performance
Premium/Discount
Tax info
top of page | format for print | terms & conditions | privacy policy | legal