Tianxin, reporter of China Fund Daily.
Recently, gold has started a continuous rise mode.
Gold prices soar, funds continue to pour into gold-themed products, the domestic gold ETF market also ushered in the 20 billion yuan level of the number one overlord.
As of April 11, the latest scale of Huaan Gold ETF broke through the 20 billion yuan mark, reaching 202 yuan.Roulettewheelforsale0.5 billion yuan, setting a new record again. In addition, there are Boshi gold ETF, Yi Fonda gold ETF and other gold ETF latest scale also hit a new high.
However, as gold prices hit new highs one after another, in the face of the upsurge of trading sentiment among investors, many fund companies began to remind short-term volatility risks.
Many of them hit new highs one after another.
20 billion yuan gold ETF was born
After the international gold price hit an all-time high on April 11, today's international spot and futures gold prices continue to rise. Among them, the COMEX gold market stood on the round mark of 2400 US dollars / US dollar.
Under the soaring gold prices, Huaan Gold ETF, the number one overlord of the domestic gold ETF market, has also successfully stepped onto a new level of 20 billion yuan.
According to Wind, as of April 11, the latest share of Huaan Gold ETF is 3.782 billion, with a net worth of 20.25 billion yuan, another record high. Compared with the end of last year, the ETF grew by more than 45 per cent this year.
The latest scale of Boshi gold ETF is 11.188 billion yuan, which is also a record high. The ETF has grown by 53.68 per cent so far this year.
The latest size of Yifangda Gold ETF is 8.414 billion yuan, which is also at an all-time high, with the ETF growing by more than 70 per cent this year.
Overall, among the commodity ETF, 14 gold ETF have all grown in size so far this year, and most of them have received net applications. In addition to the above three gold ETF, Cathay Pacific Gold ETF, Huaxia Gold ETF and other latest scale also set a new record.
In addition, the existing two gold stocks ETF also achieved scale growth. Among them, the latest size of Yongsheng gold stock ETF has exceeded 700 million yuan, which has more than doubled since its listing on November 1 last year, more than five times the size at the end of last year, and the increase in fund share has nearly quadrupled since the end of last year.
It is worth mentioning that the recent continuous rise in gold prices has also greatly activated the trading sentiment of investors, and the net inflow of domestic gold-themed ETF funds is generally significant.
For example, attracted by the profit-making effect, Huaan Gold ETF has achieved net capital inflows for 15 consecutive trading days, and the fund share has increased by more than 28% in half a month.RoulettewheelforsaleBoshi gold ETF received sustained net capital inflows over the past nine trading days, with fund shares rising by more than 22%. In addition, Yi Fangda Gold ETF received a net application for 17 consecutive trading days, and the fund share increased by more than 45 per cent.
However, statistics from the World Gold Council show that from November 2022 to February 2024, the global net outflow of gold ETF reached 374 tons. In February, the global physical gold ETF outflow was about $2.9 billion, the ninth consecutive month of net outflow.
Trading sentiment is running high.
Fund companies prompt short-term risks
Judging from the net worth performance of the year, the gold theme ETF has gained a lot.
According to Wind statistics, as of April 11, the average annual return of 14 gold ETF was 15.08%. The net worth of Yongwin gold stock ETF has risen 30.77% so far this year, and the cumulative net worth of Huaxia gold stock ETF has risen 39.12% since its listing on January 22nd. It can be seen that compared with the gold ETF, the gold stock ETF shows higher elasticity.
In this regard, Yong-win gold stock ETF fund manager Liu Tingyu explained that gold ETF tracks the spot price trend of gold and is linked to the domestic gold price just like physical gold. The gold stock ETF takes the gold industry chain listed companies as the investment target, the gold stock performance is highly related to the gold price, but the rise and fall flexibility is higher than the spot gold, so it is called "gold investment amplifier". From the perspective of historical performance, gold stocks have long-term excess returns relative to spot gold.
It is worth mentioning that the hot gold market, the recent part of the gold theme ETF was hot speculation, individual gold stocks ETF products and even a roller coaster rise and fall one after another. Some fund companies have issued notice of premium risk several times since April, reminding investors to pay attention to the risk of price premium in the secondary market.
Wang Xiang, manager of Boshi Gold ETF Fund, reminded that although the recent net inflow of domestic gold ETF is obvious, the net position of overseas ETF and COMEX funds has not changed significantly, and the deviation of short-term price increases is also at a historical high level. Investors should pay attention to the disturbance of emotional rhythm fluctuations to short-term prices. In the context of a clear medium-and long-term trend, we should adjust and intervene or make a safer choice.
Hua'an Fund believes that in the medium to long term, as the US interest rate cut is expected to be gradually fulfilled, the demand for gold purchase by the central bank continues under the wave of "going to the dollar", and the price of gold still has some support. However, although gold has long-term allocation value, as gold prices hit new highs one after another, short-term risks are also accumulating, and price fluctuations will be higher. at present, the allocation of gold needs to pay attention to spare money investment, control the proportion of positions, and adhere to fixed investment.
The Shanghai Stock Exchange increases the margin ratio for multiple contract transactions.
The Shanghai Gold Exchange issued a notice this morning on adjusting the margin ratio of some contracts and the rise and fall limit, saying that in accordance with the relevant provisions of the risk Control and Management measures of the Shanghai Gold Exchange, the company adjusts the margin ratio and the rise and fall limit for gold extended contract trading as well as the margin for performance guarantee-type inquiry contracts.
Specifically, since the close of liquidation on Monday, April 15, 2024, the margin ratio for contracts such as Au, mAu, Au, Au, T+N2, NYAuTN06 and NYAuTN12 has been adjusted from 8% to 9%, and the limit for the rise and fall of the contract has been adjusted from 7% to 8% from 8% to 8%. The margin of the contract has been adjusted from 45000 yuan per hand to 51000 yuan per hand.
The Shanghai Gold Exchange asks all members to raise their awareness of risk prevention, do a good job in risk emergency plans, and prompt investors to do a good job in risk prevention, reasonable control of positions and rational investment to ensure the stable and healthy operation of the market.
