JPMorgan will join HSBC in storing bullion for the world's biggest gold-backed exchange-traded fund (ETF), the fund's operator said on Thursday, ending its rival's sole guardianship of the $52-billion stash of gold.
in storing bullion for the world's biggest gold-backed exchange-traded fund , the fund's operator said on Thursday, ending its rival's sole guardianship of the $52-billion stash of gold.
HSBC had been the sole custodian for SPDR Gold Trust, also known as GLD, since it launched in 2004. The bank currently stores about 910 tonnes of gold for GLD in London -- around a quarter of all the gold held for ETFs globally. WGC executive Joe Cavatoni said the council wanted to diversify its storage and adding JPMorgan "gives us another commercial entity with a vested interest in supporting the product."
"If we get to the point where there's a very equal balance between the relationships, that would be exciting for us," he said.
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