LBMA Gold Price AM definition

LBMA Gold Price AM means the price of a txxx ounce of gold as determined by ICE Benchmark Administration, the third party administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London, England time.

LBMA Gold Price AM means the morning fixing price of gold per troy ounce calculated, quoted in US dollars and published by the IBA once the IBA auction process run at 10:30 a.m. (London time) is concluded, or any benchmark as acceptable and approved under the relevant requirement(s) of the Code.

LBMA Gold Price AM means the price of an Ounce of gold as determined by IBA, the third party administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London, England time.

Examples of LBMA Gold Price AM in a sentence

• If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM is used in the determination of the NAV of GLDM, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.

• The balancing payment will be an amount determined by a model by which the Fund will receive or make US dollars payment from or to the Swap Counterparty which equates the percentage change in the RMB denominated Net Asset Value of the Fund (before fees) with that of the US dollars denominated LBMA Gold Price AM.

• This means that, without any foreign exchange management, when RMB appreciates or depreciates against the US dollars, the Net Asset Value per Unit will be affected even if the LBMA Gold Price AM remains constant.

• However, the investment objective of the Fund is to provide investment results denominated in RMB which closely correspond to the LBMA Gold Price AM.

• Accordingly, although there can be no assurance that the investment strategy adopted by the Manager will be successful, the relative strength of RMB against US dollars is not expected to materially affect the increase and decrease of the Net Asset Value per Unit which is targeted to increase and decrease by the same percentages as the LBMA Gold Price AM in US dollars.

• However the LBMA Gold Price AM, with whose performance the Fund will seek to closely correspond, is not quoted in RMB but is quoted in US dollars.

• As a result of the investment strategy described above and the ongoing charges of the Fund, based upon historical data and current market conditions the Manager anticipates that the Fund may suffer a tracking error to the movement of the LBMA Gold Price AM of up to 2% a year, although the Manager estimates that the tracking error will generally be approximately 1.5% a year.

• If no LBMA Gold Price is made on a particular evaluation day or if the LBMA Gold Price has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the NAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price is inappropriate to use as the basis for such determination.

• The Index is designed to represent the daily performance of a long position in physical gold, as represented by the LBMA Gold Price AM, and a short position in the basket of Reference Currencies with weightings determined by the FX Basket.

• If no LBMA Gold Price AM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM is used in the determination of the NAV of the Fund, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.