The performance of gold-themed funds is eye-catching
Influenced by the rise in gold prices, the related gold-themed funds have shown encouraging growth. Wind data show that if the gold market started in June, as of August 9, the 14 gold funds included in the statistics (divided into different types) have increased by an average of 19% since June.
According to Zhou Yu, manager of Yifangda Gold Theme Fund, the political trends of global polarization between rich and poor, anti-globalization and populism are constantly driving up economic, trade and geopolitical risks. The pace of de-dollarization of central banks has also been steadily advancing, and gold purchases have continued to rise, which has pushed gold into an upward cycle in the medium and long term.
Lai Zhongli, manager of Huitian Gold and Precious Metals Fund, said that from a longer point of view, the signs of the late expansion of the U.S. economy are becoming more and more obvious. The superimposed dollar index may be in the initial stage of the downward cycle, and gold may usher in a new bull market. The gold rally is likely to last for a long time until the mid-term recession in the United States.
Gold ETF Recaptures Funds Pursuit
It is worth mentioning that while gold prices are rising, the positions of domestic and foreign gold trading open-end funds (ETF) are also increasing.
Data show that as of August 9, the worlds largest gold ETF - SPDR GoldTrust holdings were 839.85 tons. On August 8, the funds position reached 845.42 tons, and since August, the ETF position has increased by about 15 tons. In May, the fund held about 730 tons.
At the same time, among the existing domestic gold ETFs, Huaan Fund, Cathay Pacific Fund, Boshi Fund and Yifangda Funds gold ETFs have all made net purchases in the recent rebound in gold prices. The total net purchases share of several listed ETFs in nine trading days since August has reached 292 million, and the accumulative absorption is close to 1 billion yuan.
Among them, Huaan Gold ETF has received 197 million net subscriptions since August, with a share growth rate of more than 10% to 2.092 billion. Compared with 1.793 billion at the end of June, the time share of Huaan Gold ETF has increased by more than 15% in more than a month; Yifangda Gold ETF has purchased 46.8 million net subscriptions since August, with a share growth rate of more than 98%.
In fact, since the second half of this year, except for a certain net redemption of Cathay Pacific Gold Fund, the remaining three have achieved net purchase, with a total net purchase of 366 million copies and a total of nearly 1.2 billion yuan.
Source: Ren Hui_NBJ9607, Responsible Editor of China Fund Newspaper