- Easy to buy/sell
- Easily transported, stored, highly liquid
- Tangible asset / inherently valuable
- Competitive prices that are widely quoted
- Accurately assayed and 99.5%+ pure gold
- Requires secure storage
- Manufacturing premiums added to price
- Typically have higher minimums for investment
- No dividend / interest yield
- Prices widely quoted / highly liquid
- Relatively cost efficient
- ETFs may not directly track the price of gold
- Limited track record (started in earnest in 2003)
- Gold weight backing each unit declines through management fee
- Subject to price manipulation by hedge fund managers
- Not necessarily 100% gold bullion backed
- Trust may include other collateral besides gold bullion
- Current prices widely quoted
- Highly liquid
- May yield dividends
- Price more volatile than bullion
- Geopolitical risk
- Industry / exploration risk
- Corporate governance risk
- Limited transparency into reserve base
- Guaranteed by a government rather than a refiner
- Considerably worth more than bullion coins
- Not subject to confiscation by government
- Greater price appreciation potential than bullion coins
- Coin sales to dealers with 15%+ premium don’t have to be reported
- Changing premiums
- Higher premiums
- Inefficient while purchasing large quantities
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