The bodies receiving subscriptions to Egypt’s Gold Investment Fund continue to receive those wishing to invest in gold, through electronic means and by attending its headquarters.
Some entities allow those wishing to invest to contract without being coded on the stock exchange, while others require that the coding process be carried out first and the opening of a 009 account for investing in investment fund documents.
Money market expert Ehab Rashad said that there is 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 attending the headquarters of the subscription.
Rashad added that professional investors do not usually subscribe in the first days of receiving the subscription, as they invest their money on a daily basis in investment vessels, so the last days will witness an increase in demand compared to the first.
Meanwhile money market expert Moataz Ashmawy said that there is a relative demand for the Gold Investment Fund since the start of receiving the subscription on Sunday.
Ashmawy added that it is expected that the door to receive the subscription will be closed at any time suddenly, so investors must determine their investment destination and start reserving their seat by pumping part of the investments to hedge against the sudden closure.
The value of the document, according to the fund manager, is about LE10, and it can be purchased starting from 10 documents.
According to the fund manager, the purchase is free of cost, while the redemption cost is at 4.9 percent unless three years have passed since the purchase, and after the expiration of the three-year period, the redemption is free of cost.
He explained that the cost price is equivalent to gold making charge for the investor when buying from the market.
Egypt’s Financial Regulatory Authority announced last Sunday approving the establishment of the nation’s first fund to invest in gold, enhance financial and investment inclusion, and build an advanced non-banking financial sector that is inclusive and stimulates economic growth.
The Gold Investment Fund is a license granted by the FRA to a company to sell gold investment documents backed by gold reserves through dealing with companies that buy, sell, store and secure gold savings.
The company must be licensed by FRA, as this guarantees for the customer the highest levels of trust, transparency and protection of his gold savings.
