The ETF Story 6: The Revolution
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GLD - A New Asset Class for Investors
GLD had to create a whole way of accounting based on ounces. It was literally a whole new accounting methodology that you could never get away with in a traditional 40 act fund. LQD says GLD really opened up gold as an asset class. Prior to that, the only people who really thought about gold as a portfolio asset were hedge funds and central banks.
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