The volatility of precious metals intensified, and the average monthly decline of theme funds was 6.9%
On December 1, the official website of Bank of Beijing showed that due to the global epidemic situation and international political and economic situation, the price risk and liquidity risk of precious metal market have intensified, and the market risk and uncertainty have increased significantly. In order to protect the rights and interests of investors, since December 2, 2020, Beijing time, the bank has suspended the opening of trading accounts for new customers of personal precious metal trading business, and the normal transactions of customers who have opened accounts will not be affected.
Since last week, industrial and Commercial Bank of China, Agricultural Bank of China Construction Bank, Bank of communications, China Merchants Bank and other banks have issued similar announcements. As of December 2, 17 banks have announced the suspension of related business.
From the end of July to the beginning of August 2020, the international price of precious metals once rose in a straight line. Comex gold price broke through the 2000 U.S. dollar / ounce mark, then appeared an obvious inflection point and continued to fall. In November, the decline was the largest in the year, falling by 5.32% and closing at 1779.9 US dollars / ounce.
The reporter noted that, affected by this, in November, the gold theme fund became a class of products with the same performance as the medical theme fund. According to wind data, 29 gold themed funds (a, C shares, RMB and US dollar shares are all separately counted, the same below) fell by an average of 6.9% in the month.
Specifically, the gold themed QDII fund saw the biggest decline, with e fund gold theme C RMBs single month performance at the bottom, with a drop of 9.09%. In addition, the net value of e fund gold theme a RMB, Jiashi gold (qdii-fof-lof), huitianfu gold and precious metals, and noan global gold decreased by 8.98%, 7.4%, 7.31% and 7.28% respectively, while e fund gold theme a US dollar and e fund gold principal declined by 8.98%, 7.4%, 7.31% and 7.28% respectively The dollar range fell by 6.72%. However, the decrease of net value of gold ETFs and corresponding gold ETFs of e fund, Qianhai Kaiyuan, Huaxia, Huaan, Cathay Pacific, ICBC and Boshi was concentrated in 6.17% to 6.83%.
It is worth mentioning that as of November 30, the unit net value of huitianfu gold and precious metals and e fund gold theme a RMB is still less than the face value of 1 yuan since its establishment, and the cumulative decline is around 20%.
What is the reason for the difference between the performance of gold funds?
The reporter found that the above QDII funds can be divided into two categories. One type only invests in gold ETFs, such as nuoan global gold, Jiashi gold (qdii-fof-lof), huitianfu gold and precious metals. As of September 30, the investment proportions of the three funds held by the funds were 91.23%, 92.01% and 89.17%, respectively.
The other is the combination of gold ETF + stock, such as e fund gold theme fund. The announcement shows that the total assets of the fund invested in the fund are no less than 60% of the net asset value of the fund, and no less than 80% of the assets invested in the fund are invested in the gold fund.
As of September 30, 9.2% of the assets of e fund gold theme fund were invested in common stocks, namely Barrick gold Corp, Newmont Goldcorp and Zijin Mining (02899. HK); and 83.85% of the assets were invested in the fund.
Hu Po told the first finance and economics reporter that the domestic and overseas gold prices basically tend to be the same, and the deviation between the two is not large, so the fluctuation and risk of domestic gold ETF itself may be the lowest. The gold themed QDII fund will not only be affected by the trend of gold price, but also be affected by the exchange rate and part of the QDII channel cost. Therefore, compared with domestic gold ETF, the cost is higher and the fluctuation will be greater. If it comes to the investment of individual stocks of gold companies, the overall volatility may be greater. Gold companies are divided into gold processing companies and gold mining companies. The stock price fluctuation of gold companies is greater than that of gold itself, which can be regarded as gold ETF with leverage. However, gold processing companies may have completely different pricing levels, and the correlation with gold itself is not so high u3002 Huber added. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931
Hu Po told the first finance and economics reporter that the domestic and overseas gold prices basically tend to be the same, and the deviation between the two is not large, so the fluctuation and risk of domestic gold ETF itself may be the lowest. The gold themed QDII fund will not only be affected by the trend of gold price, but also be affected by the exchange rate and part of the QDII channel cost. Therefore, compared with domestic gold ETF, the cost is higher and the fluctuation will be greater.