On the same day, gold dominated precious metal index led gains, Guiyan platinum industry and Chifeng gold were up and down, with several gold concept stocks up more than 5%. Related funds rose on the back of the trend. Gold ETFs of e fund, Boshi, Huaan and Cathay Pacific all rose by more than 2.3% yesterday, closing at more than 3.89 yuan, setting a new record for net worth.
There was no parallel in history. Novel coronavirus pneumonia was launched by Fan Bing, the ETF fund manager of the gold fund of Yi Fang Da. The fiscal deficit is relatively high, and the flood has stimulated the demand for maintenance. At the same time, interest rates in the global market fell to a low level and the opportunity cost of holding gold fell. According to the Merrill Lynch clock model, the upward stage of global inflation expectations and the downward stage of macro-economy are good for commodities.
Xu Zhiyan, assistant general manager of Huaan fund, believes that the domestic gold price and the global gold price almost reached a stage high yesterday. On the one hand, due to the weak global macro-economy this year and the impact of the epidemic, central banks have adopted extremely low interest rates and extremely loose monetary and fiscal policies, and gold can better reflect its anti inflation attribute in a low interest rate environment. Behind the over issuance of currency is the sharp decline in the purchasing power of paper money in the future, and gold will become the most directly benefited asset; on the other hand, the game between big countries is intensified, the volatility of risk assets such as overseas stock market is amplified, and gold plays a more significant role in asset allocation.
Novel coronavirus pneumonia ETF epidemic funds Wang Xiang disease fund managers said that the global new crown pneumonia epidemic situations trend of spread has not been contained, the second wave of worry still exists. The impact of the epidemic has gradually emerged, and the economic data released by the major countries are all weak. In such an environment, the global trade situation is becoming increasingly tense. After a month of consolidation, the gold market has picked up again and performed more strongly than expected.
From the perspective of fund scale, as of last Friday, the total scale of the above four funds two hundred and two point three two Billion yuan, up sharply from the end of last year 37.88% u3002 In particular, the scale of Huaan gold ETF has reached one hundred and eight point four Billion yuan, becoming the first gold fund with a scale of more than 10 billion yuan; the scale growth in the year reached 55%; the gold ETFs of Boshi and e-fonda are respectively fifty-five point five nine Billion yuan thirty-three point zero nine Billion yuan, respectively 21.67% and 61.38% u3002
Fan Bing said that in the past 20 years, gold has been a typical anti inflation and anti devaluation hedge asset, and also an important allocation tool in large asset portfolios. At present, the gold price is in the rising cycle starting from 2016. This round of market has a greater chance to hit the high point of 2011-2012. If the gold price breaks through successfully, it will probably open up room for further growth. Globally, both central banks and gold ETF investors are increasing their holdings of gold. The bull bear transformation of the gold market often occurs before and after the crisis. After major crises such as the collapse of the Bretton Woods system and the global financial crisis in 2008, the gold value center has risen significantly.
Wang Xiang said that the rise of the gold market may be more due to concerns about the re escalation of the trade terminal situation. The US House of Representatives approved a $3 trillion rescue plan. In the short term, it is necessary to pay attention to such factors as the conflict between China and the US at the level of science and technology and the change of risk preference caused by the repeated potential epidemics after the global resumption of work.