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Value Gold ETF

  • Value Gold ETF (the “Fund”) is a fund listed on the Stock Exchange of Hong Kong Limited (“SEHK”), which aims to provide investment results that closely correspond to the performance of the London Bullion Market Association Gold Price.
  • The Fund only invests in bullion and may experience greater volatility due to single economic, market or political occurrences.
  • The Fund has adopted a multi counter and units are traded in HKD, RMB and USD on SEHK. The nature of the multi-counter model may make investment in the units riskier than in single counter units or shares of an SEHK listed issuer. Investors without RMB or USD accounts may buy and sell HKD traded units only.
  • RMB is not a freely convertible currency and is subject to foreign exchange control policies, as well as repatriation restrictions imposed by the PRC government. Investors whose base currencies of investments are not in RMB should take into account the potential risk of loss arising from fluctuations in value between such currencies and the RMB.
  • The Fund does not insure its bullion and the Fund and unitholders could suffer a loss if the bullion held by the custodian is lost or damaged.
  • As the Fund is not actively managed, the Manager will not adopt a temporary defensive position against any market downturn. Investors may lose part or all of their investment.
  • Trading prices of units on the SEHK are subject to market forces and the units may trade at a substantial premium/discount to the net asset value of the Fund.
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Pursuant to the Ordinance, you have the right to (a) check whether SAMHK holds any personal data about you, and to access such data, at a reasonable fee, (b) request any inaccurate personal data to be corrected, (c) ascertain SAMHK policies and practices relating to personal data, including the type of personal data SAMHK holds and the main purpose for holding such data and (d) exercise your opt-out right if you do not wish SAMHK to use your personal data for direct marketing purposes. All such requests should be directed to:

The Compliance Officer

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Email: operations@valueETF.com.hk

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  • 俄烏政局緊張 金價將保持強勢 (Chinese only)

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俄烏政局緊張 金價將保持強勢 (Chinese only)

俄羅斯侵略烏克蘭因未能速戰速決而陷入苦戰,此前多次談判亦毫無進展,加上以美國為首的西方和亞洲多個國家,將會進一步大力制裁俄羅斯,令局勢持續失控。受事件惡化影響,俄烏兩國主要出口的大宗商品價格全面暴升。另外,俄烏政治局勢緊張,帶動避險資金流入金市避險,推動金價升破2000美元大關。

根據3月8日路透社報道,世界黃金協會發布最新的數據顯示,2月全球黃金ETF繼續錄得淨流入,數量達35.3噸,折合約21億美元。美國最大的黃金交易所基金SPDR ETF,其持倉量亦持續增加,該公司在3月8號公佈,持倉量增加8.42噸至1062.7噸,創去年3月以來新高。

不確定性增加資金湧入黃金避險

地緣政治風險增加,拖累環球股市出現恐慌性拋售,俄羅斯及歐洲多國貨幣相繼大幅貶值,俄羅斯的主權債務評級被下調至接近垃圾級別,俄羅斯出現主權債務違約的機會大增,更不排除當地銀行會陸續出現倒閉潮。眾多不確定性洶湧而出,吸引大量資金流入黃金避險,相信短期內這趨勢會延續一段時間。

商品價格走勢方面,隨著美國政府最終實施禁止進口俄羅斯原油,市場憂慮原油市場供不應求的情況將更加嚴峻,紐約期油一度升至130美元,年初至今最多曾急漲逾70%。與此同時俄羅斯警告,若西方國家禁止進口俄羅斯石油,則可能會關閉通往德國的主要天然氣管道。俄烏地緣政治局勢不明朗令原油及商品價格上漲,並預期於高水平橫行。一旦有更多國家對俄羅斯實施原油出口的制裁,油價高企料將持續,並對通脹構成壓力。

通脹嚴重升溫支持金價表現

除了期油之外,俄烏天然氣、農產品及基本金屬的出口恐遇阻滯,相關價格升勢亦十分凌厲。大宗商品價格全面暴升,可以肯定的是,美國以至環球通脹勢必進一步嚴重升溫。在通脹持續升溫下,相信可以為金價提供一個強而有力的長期支撐點,後市有力再向上挑戰。

另一方面,聯儲局主席鮑威爾上星期出席參眾兩院聽證會時表示,將會在3月16日的議息會議加息0.25%,預計無法有效遏止通脹升勢。幾乎肯定未來一兩年間,美國仍會出現負實質利率和通脹持續高企,該情況無疑會吸引各國央行及大型金融機構持續買入黃金抗通脹。在局勢惡化及通脹高企的大環境下,因此相信金價將繼續保持升勢。

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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