GUIDES
Gold ETFs vs a gold passbook
Last updated
Searches for a gold ETF often place it next to a Bank of Taiwan gold passbook, a dealer’s bar board, or this site’s theoretical gold price. Those are four different numbers. An ETF is a fund share in a brokerage account: you read the issuer’s NAV and the exchange’s trade. A passbook is the bank’s own per-gram bid and offer. A bar is physical bullion you hold. Our figure is a COMEX reference times Bank of Taiwan USD spot-sell, with no fund fee, bank spread or making charge. This page explains the comparison only — it does not supply or invent any ETF NAV, return or trade price.
A fund share, a bank account, a theoretical index
A listed gold ETF is a share of a fund, not a bar this site can hand you. The issuer calculates NAV from its prospectus, usually against a chosen gold benchmark (often a London spot or a related index, not necessarily COMEX futures) in the fund’s own currency. The exchange price can sit briefly above or below NAV. Fees, tracking method and whether shares convert to metal follow that prospectus. We do not list tickers, fees or NAVs, and we do not turn a fund into a Product or Offer.
A Bank of Taiwan gold passbook is a different product: a bank account, usually TWD per gram, with the bank’s own bid and offer. It is not an ETF NAV, and a fund’s premium does not imply the passbook. See the passbook guide for units and trade direction. An investment bar is a dealer’s physical board. Its making charge is often lower than jewelry, but it is still that dealer’s spread, not a fund NAV.
Today’s gold price here is a theoretical index: COMEX gold (or a labeled public spot fallback) times Bank of Taiwan USD spot-sell, then 1 qian = 3.75 grams. It deliberately excludes ETF fees, passbook spread, bar making and tax, so it will not match the tradable figure at a broker or a bank.
Why the three prices diverge
The benchmarks differ. Some gold ETFs follow a spot or London-related price. Our international page is a COMEX futures reference. They are often close on a normal day, but the contract, timezone and delivery assumptions are not the same, so the prints need not match tick for tick. The London row on the global page only converts that same reference into sterling. It is not a London gold fix and not a fund NAV. See London gold vs COMEX.
Currency, time and fees differ too. A fund may be priced in TWD, USD or another currency. A passbook is the bank’s TWD board at its own time. Theoretical qian uses Bank of Taiwan USD spot-sell. FX, an ETF premium or discount, or a bank spread change can separate the columns even when international gold is flat. When the market is closed or a source is late, we keep the last valid print and label it. We do not fill gaps to match a NAV or a passbook.
A physically backed gold fund, a futures-based product and a mining-equity fund are not the same exposure. A fund that owns mining shares also moves with output, costs and the stock market. Its NAV is not this site’s gold theory. We do not rate funds or say which one to buy.
A holdings headline is not your order price
When market news discusses global gold-ETF inflows or tonnes held, it is describing a published period, often days or weeks behind. It shows whether new money entered that channel. It is not the NAV on your ticket, and it does not prove that every price move in front of you was ETF buying. Assets under management can rise because of new money, because existing gold became more valuable, or both.
Those briefs and this page have different jobs. The brief says what a release reported. This page says why an ETF, a passbook and the theoretical price were never one board. Neither is investment advice. Confirm subscriptions, redemptions and trades with the prospectus, the broker and the bank.
HOW TO
Compare a gold ETF, a passbook and the theoretical price
Keep the issuer’s NAV, the bank’s passbook board and this site’s theoretical reference in separate columns. The steps include no NAV or board figures.
- Name the product firstA fund share in a brokerage account is a gold ETF: read NAV and the exchange trade. A bank’s per-gram bid and offer is a gold passbook. A dealer’s bullion is a bar. Home on this site is a COMEX reference times Bank of Taiwan FX. Do not put them in one cell.
- Copy NAV only from the issuerNAV, currency, benchmark, fees and physical redemption come only from that fund’s prospectus or issuer notice. This site does not republish or invent them. Any premium or discount to NAV comes from the exchange and the issuer as well.
- Copy the passbook from the bank, theory from this siteCopy the passbook bid or offer only from the bank’s same-day notice, and match direction plus grams versus qian first. Read theory only on today’s gold price, and check that the page shows the last valid print. Do not back out a NAV from theoretical qian, or rewrite theory from a NAV.
- Read the date on a flows storyIf an industry brief talks about ETF holdings, check which month it measures. That is not today’s tradable price. For the current USD reference, open the COMEX page and read its labeled source and time.
Related quote pages
This page does not supply or invent gold-ETF NAVs, fees or returns, or passbook and bar trade prices. Theoretical figures are for comparison and exclude fund fees, bank spread, making, tax and charges. Not investment advice. No Product/Offer.
Gold ETF comparison FAQ
Does this site publish a gold ETF NAV or a fund’s trade price?
No. We publish a COMEX reference times Bank of Taiwan USD spot-sell. We do not republish or invent any gold ETF NAV, premium, fee or return. Use the issuer and the exchange for those.
Is a gold ETF the same as a Taiwan gold passbook?
No. An ETF is a fund share in a brokerage account. A passbook is the bank’s own per-gram board. Pricing, venue and fees differ, and one does not stand in for the other. The passbook-versus-jewelry comparison is on the passbook guide.
Why doesn’t an ETF price match today’s gold price here?
Theoretical qian excludes fund fees and any premium or discount. It uses COMEX and Bank of Taiwan USD FX, then TWD per qian. An ETF NAV follows that fund’s benchmark and currency, and the exchange price can leave NAV for a while. They are not the same board.
Does a record-holdings headline mean I should buy now?
No. It describes flows or tonnes from an already published period, with a lag, and it is not a buy or sell instruction. This site does not give investment advice. For today’s international reference, use the COMEX page and its labeled time.