What happened with the BlackRock iShares Gold Producers ETF? I couldn’t buy all day now it’s disappeared from my app altogether.
I couldn’t buy ishares Physical Gold SGLN and Wisdomtree Physical Silver PHSP on Friday and Monday (today). The app kept giving me error messages when I tried to put an order through (it was priced in £’s but then in $’s when you try and buy).
Searching for these has disappeared too.
I had to buy SGLN and PHSP on Trading 212.
Hm, that is weird. I’ll get onto the chat tomorrow
After not being able to sell SGLN yesterday, it’s showing me £35.49 today. I wish
SGLN is messed up. A minute ago it was showing as being dollars and now it’s back to £ but with a totally incorrect valuation (probably correct in terms of dollars) - currently at £35.62
The edit is because I didn’t know the dollar symbol gets hidden on the forum but is visible when a post is being written.
The third day in a row I have been unable to buy silver PHSP as it move upwards, this is really frustrating. If I can’t sell it when I want what’s the point of it.
I keep on getting told if stocks are removed it’s due to a technical issue or they aren’t getting quotes. Well which is it?? This is a weird thing. Are they trying to prevent a run on the product?
I’ve contacted tech support and they say they are working on it urgently.
Still I think there are multiple really bad (or learning) points here.
- All Gold and silver ETFs are missing as an asset class right now, looks like a single point of failure and this happens when both gold and silver on the rise.
- The way it is (not) communicated. I’m new to Freetrade and you have nothing on Twitter, nothing in the blog, and this topic on the forum with no official updates. Am I missing something? Error message in the app is cryptical and instead of removing things from the search may be they could be temporary disabled instead?
Yes it’s unacceptable and it very much looks to me like they want to prevent a run on the product. Don’t like this at all, I have a product that i couldn’t sell if I wanted to and I’m getting wishy washy answers from them. I mean they physically took it down, they must know why!
Is this not the exact risk with any paper metal? Buying physical is the only way to avoid this issue
Correct. Paper gold does not protect you in the same way physical golf does. Not only is it held in bank vaults which are secret but the government can, and has, issue edicts to seize the gold.
Yes true, producers have more roi though, but either way, I think the issue here is communication. They can’t just disappear a stock without a concrete answer to give their customers
I hold physical gold , silver and a small amount of rhodium. No bank sees it and if government wants it they’ll have to recover it from the lake. I had a terrible boating accident
I agree that comms would be great when issues arise.
Lol nice one.
I just got this answer;
“We aren’t receiving quotes from the market makers which isn’t allowing people to buy or sell the ETFs. Please try to place a Basic Order when the market closes as these are placed as block orders and have more chance of going through. We are working on getting things fixed at the moment.”
@FM1854 thanks for the update.
It is very troubling for those that want to sell their holdings.
Fortunately RMAP is still available if you want to buy.
Just to update everyone here: due to recent order quoting issues from the market makers on some of our Exchange Trade Products (ETF/ETCs), we’ve had to disable these temporarily from Discover.
Existing holders may also experience issues placing sell orders until this issue is resolved. If you’re having any issues, please get in touch with us.
The impacted ETF/ETCs are:
- iShares Physical Gold ETC
- iShares Gold Producers UCITs ETF
- WisdomTree Physical Silver ETC
- iShares Physical Silver ETC
- HSBC MSCI Brazil UCITS ETF
- iShares Physical Platinum ETF
- Gold Bullion Securities ETC
We’re working to resolve this issue with our market makers as quickly as possible so that we can re-enable them for all customers.
Thanks Alex, appreciate the answer. It would be interesting to find out why once you know.
@acamp Hi Alex. I take it the same issue with ITM Power. I’ve just had “Buy” rejected 10 times.
Can you send us a note in app and we’ll look into this for you? As I understand, ITM Power is not subject to the same issue.