The world’s first gold ETF, South Africa’s  NewGold Fund (JNB:GLD) has just reached USD 1 billion in assets under management. The offering by Absa Capital pioneered the gold ETF concept when it launched in November 2004, and was only the third commodites ETF listed in the world.

The fund currently holds 28 tons of gold in the London vaults of Brinks Limited, the value and volume of which has grown steadily in the last five years as investors have sought the safety of the yellow metal.

Absa Capital is South Africa’s largest ETF issuer, offering eight funds listed on the JSE. The firm is affliated with Barcalys, issueer of global ETF leader iShares.