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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.
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Email: operations@valueETF.com.hk

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  • 避險資金流入黃金ETF 金價穩中向上 (Chinese only)

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避險資金流入黃金ETF 金價穩中向上 (Chinese only)

受主要央行控制通脹及實施緊縮貨幣政策所影響,短期或會對金價造成負面影響,但隨著俄烏衝突不斷升級,持續的高通脹又令金融市場產生震盪,上月份全球黃金ETF更錄得27億美元的淨流入,相信黃金仍能繼續發揮避險作用。

市場普遍認為,2022年金價走勢較去年樂觀,正如世界黃金協會在1月19日發布的2022年黃金市場展望。內文指去年和今年的黃金走勢相類似,主要是好淡的基本因素並存,但協會認為儘管加息會對金價造成負面影響,根據過去歷史,加息的負面影響有限,反而高通脹和股市調整或對黃金的避險需求增加,黃金消費和央行增加黃金儲備為金價提供長期支持。

去年黃金需求增加一成

內文特別提到美國過去的加息週期中,聯儲局的實際行動,往往未有如言論般鷹派。而且黃金通常在聯儲局緊縮周期的第一次加息後表現較好,以及金價在高通脹時期往往表現強勁。世界黃金協會在1月28日的另一份報告中指,去年黃金需求量增長10%至4021噸,當中第四季全球黃金需求同比大幅增加接近50%,數據為近十季度以來最高水平,亦帶動金價於第四季度表現強勁。去年金飾製造業對黃金需求亦強勁回升,年增幅高達67%至2221噸。金飾消費需求同比上升52%至2124噸。去年各國央行合共增加463噸黃金儲備,按年增加82%,為30年來最高水平。

黃金ETF方面,最近亦出現大量淨流入個案。據世界黃金協會最新的數據顯示,今年一月份全球黃金ETF錄得27億美元的淨流入,達到46.3噸,為2021年5月以來最高,主要受北美及歐洲基金持倉增加所帶動1,反映投資者對黃金後市極為樂觀。

金價處易升難跌格局

由於市場仍擔心原油供應短缺及美國各地出現嚴寒天氣,紐約期油及布蘭特期油已先後向上突破90美元。高盛更預測,布蘭特期油將在今年第三季突破100美元。油價持續高企勢必令通脹進一步惡化,黃金一向作為傳統的抗通脹工具,油價急升對金價而言實屬強而有力的利好因素。

地緣政治方面,美國總統拜登早前宣布向東歐增派3000名美軍,令局勢更趨緊張。市場憂慮以美國為首的西方國家陣營有機會軍事介入俄羅斯和烏克蘭的衝突,意味戰火將一觸即發,估計股匯將會掀起連番震盪,預期會有大量資金流入黃金及相關ETF避險,從而大幅推高金價,因此在政治局勢緊張及高通脹下,整體金價走勢正處於易升難跌的格局。

 

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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