On February 7, the Shanghai ** Exchange AU9999** and ETF both rose slightly. With consumers' enthusiasm for gold purchases, AU9999** and ETFs have risen strongly for two consecutive years, with a cumulative increase of nearly 30%. * people believe that the monetary attributes of ** have returned to the investment horizon again, and the central bank's gold purchase is expected to start an interest rate cut cycle in 2024, and ** investment is ushering in the "** era".
Enthusiasm for gold buying is high.
On February 7, au9999**slightly**0.27% to close at 480 per gram08 yuan, **ETF (518880) due to 100% position in AU9999**, the trend is basically the same.
Wind data shows that since the beginning of 2024, AU9999** has shown a consolidation trend, once reaching a high of 495 yuan per gram. As of Feb. 7**, AU9999** edged up 010%。It is 83% in 2022 and 2023, respectively.
With the Spring Festival holiday approaching, the country is expected to set off a round of gold buying fever, at present, major gold stores and retail markets have been ready for discounts, investors should do what they can, do not buy **jewelry and investment** completely linked. Liu Yan, chairman of Anjue Assets, said that in recent years, with the increase in the complexity and uncertainty of the global economy, the safe-haven attribute of the first has been paid more and more attention by investors, and the domestic gold price has been about 20 yuan higher than the international gold price for a long time, and the trend is also stronger, which shows that Chinese investors are more keen to buy gold.
Since the Fed started raising interest rates in March 2022, the US dollar has entered a strong cycle, but during this time, ** has continued to perform. In addition to safe-haven demand, central bank gold purchases have become an important support point for ** demand. Wind data shows that in 2022, global central banks will net purchase 1,136 tons of gold, an increase of 152% compared with 2021, setting the latest record since the World ** Association has such statistics. In the first three quarters of 2023, global central bank net purchases reached 800t, a further increase from 2022.
According to Huaan**, global central bank purchases1 reflect the diversification of foreign exchange reserves. Against the backdrop of geopolitical instability, central banks, including China and Russia, have become major contributors to net purchases**.
In Huaan's view, the central bank's continuous purchase of ** has made a greater contribution to the marginal demand of **, and it is also the fundamental reason for the better performance of **. Along the monetary attributes, central bank gold purchases are the core factor supporting the performance of this round, especially in the context of "de-dollarization", the proportion of US dollar reserves has decreased, and central banks in developing countries are expected to continue the pace of gold purchases.
In the past two years, under the complex environment of the international situation, the investment attributes and commodity attributes of the first class have been continuously improved. Yang Ruyi, general manager of Kuwang Investment, believes that central banks around the world are making great efforts to increase reserves, on the one hand, to ensure domestic financial security, and on the other hand, to enhance credit support for local currencies in the context of multipolarization. Due to the slowdown in global economic growth and uncertainties in the geopolitical situation, there is still room for gold prices in the future.
*ETF holdings hit a new high.
Recently, the "Global ** Demand Trend Report" released by the World ** Association shows that in the Chinese market, ** ETFs will achieve a net inflow of 10 tons in 2023, and the total size of holdings will increase to 615 tons, a new high. Funds are generally optimistic about domestic ** ETFs.
In addition, the first batch of gold-mine-themed ETFs was approved, and domestic ** investment continued to be enthusiastic. Since February, Huatai Berry** and Yinhua** have reported the CSI Global Gold Mine Theme ETF (QDII), and Harvest ** has reported the CSI Select Market Gold Mine Theme ETF (QDII), and the materials have been accepted by the CSRC.
In addition to buying jewellery and gold bars, there are currently more and more options for investing**. Rong Hao, a partner of Paipaiwang Wealth Management, said that first, paper **, which can be purchased in large commercial banks and traded through mobile banking or online banking; The second is **ETF, which can be traded on the floor through ** account, or ** account can be opened to operate on over-the-counter platforms such as banks, brokers, and independent ** sales agencies; The third is that you need to open an account to operate.
Huaan believes that there are two positive signals in the market in 2024, one is that the Federal Reserve is expected to start an interest rate cut cycle, and the financial attributes are good for the pricing logic; Second, the global central bank gold purchase trend continues, supporting the marginal demand of the first and driving the return of the monetary attributes of the world. In the longer term, in the context of US debt expansion, US dollar credit damage, and global currency over-issuance, the long-term allocation logic of ** remains unchanged.