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Value Gold ETF

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Value China ETF and Value China A-Share ETF

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  • 考慮分散黃金ETF儲存地區風險 (Chinese only)

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考慮分散黃金ETF儲存地區風險 (Chinese only)

近年,各國保護主義抬頭,去全球化的政治取向使投資市場的地緣政治風險居高不下,中美間的貿易紛爭在近月重臨,疫情過後宏觀經濟充滿挑戰,美國宣布推出無限量貨幣寬鬆,令美元步入弱勢周期,從而增加投資者對避險工具黃金的需求。

過去幾期,筆者介紹過多種在香港投資黃金的途徑,並對比之間的回報及風險,當中提到黃金ETF的優勢之一就是有特定的實金倉庫,儲存與ETF總資產規模相等價值的黃金數量。相較其他黃金投資工具,如紙黃金和黃金期貨,黃金ETF因有黃金的支持,風險偏低。

 

歐洲為黃金ETF主要託管地區

 

投資者在揀選黃金ETF或會考慮託管地的地緣政治風險。現時,環球黃金ETF的託管地點整體集中於歐洲,約佔黃金ETF總儲備的95%,剩餘的5%則存儲於美洲或亞洲地區。

以國家或地區計算,目前英國黃金ETF託管量最大,約1200億美元,佔全球黃金ETF儲備量逾80%。緊隨其後的是德國、加拿大及中國,分別託管13.1%、2.6%和1.5%的黃金。

而我們身處的香港,目前儲存的黃金約為1.68億美元,佔全球黃金ETF資產僅0.1%。

為分散地緣政治風險,投資者在投資黃金時,可以考慮在投資組合內買入不同地區託管的黃金ETF。

除了黃金ETF的託管地點,市場亦十分關注各國央行在黃金買賣市場的動態,黃金在央行的儲備管理中起着重要的作用,其儲備水平亦備受關注。

根據2019年世界黃金協會對黃金儲備管理的調查,高達91%的中央銀行將黃金及其他儲備資產分開管理,反映黃金的重要性。

 

全球央行穩步買入黃金

 

目前世界上已累計開採了約19.8萬噸的黃金,地下仍儲藏着5.4萬噸黃金尚待開採。在已開採的存量中,全球各國央行、國際貨幣基金組織和國際清算銀行等官方機構,目前持有近3.4萬噸黃金作為儲備資產,佔比約為17%,其餘47%為首飾,22%為私人投資。

已被開採的黃金稀缺,但全球央行買入黃金的趨勢未止。國際基金組織數據顯示,僅是今年4月,全球央行共買入31.6噸黃金,該月度黃金淨買入水平與過去6個月的單月購買水平(34.7噸)相若,反映央行正以一個平穩且持續的步伐買入黃金。

不過,鑑於全球央行在2018年和2019年強勁的黃金購買量,預期未來央行並不會大幅增加其購買率,或會維持平穩的買入速度。

 

刊登於2020年6月23日信報惠理基金專欄。

本文提供之意見純屬盛寶資產管理香港有限公司之觀點,會因市場及其他情況而改變。以上資料並不構成任何投資建議,亦不應視作投資決策之依據。所有資料是搜集自被認為是可靠的來源,但惠理不保證資料的準確性。本文包含之部分陳述可能被視為前瞻性陳述,此等陳述不保證任何將來表現,實際情況或發展可能與該等陳述有重大落差。刊發人:盛寶資產管理香港有限公司

 

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