Global Courant 2023-05-24 12:31:14
The entities receiving subscriptions to the Egyptian Gold Investment Fund will continue to receive those wishing to invest in gold electronically and by visiting the head office.
Some entities allow those who want to invest to contract without being coded on the exchange, while others require that the process of encryption be done first and a 009 account opened to invest in mutual fund documents.
Money market expert Ehab Rashad said there has been a noticeable interest from clients in subscribing to Gold Investment Fund documents since the subscription process began on Sunday.
He explained that the subscription takes place online and by visiting the subscription headquarters.
Rashad added that professional investors usually do not sign up in the first days after receiving the subscription, because they invest their money in investment ships daily, so the last days will increase the demand compared to the first.
Meanwhile, money market expert Moataz Ashmawy said there has been relative demand for the Gold Investment Fund since the start of Sunday’s subscriptions.
Ashmawy added that the door to receive the subscription is expected to be suddenly closed at any time, so investors should determine their investment destination and start reserving their place by pumping some of the investment to hedge against the sudden closure.
The value of the document is, according to the fund manager, approximately 10 LE and it is available for purchase from 10 documents.
According to the fund manager, the purchase is free of charge, while the redemption fee is 4.9 percent, unless three years have passed since the purchase, and after the three-year period has expired, redemption is free of charge.
He explained that the cost is equivalent to the cost of gold to the investor when buying on the market.
Egypt’s financial regulatory authority announced on Sunday the creation of the country’s first fund to invest in gold, improve financial and investment inclusion and build an advanced non-banking financial sector that is inclusive and fuels economic growth.
The Gold Investment Fund is a license granted by the FRA to a company to sell gold investment securities backed by gold reserves by doing business with companies that buy, sell, store and safeguard gold savings.
The company must be licensed by FRA as this guarantees the client the highest level of trust, transparency and protection of their gold savings.
