On April 10, gold stocks regained their rally, and many stocks continued to soar after recent adjustments, continuing the industry's previous enthusiasm for such assets. At the same time, public funds also continue to lay out in depth in the field of gold investment, and a number of fund companies have also issued new products one after another in the near future.

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On April 10, Cathay Pacific Fund's Cathay Pacific Securities, Shanghai, Hong Kong and Shenzhen Gold Industry Stock ETF (traded open index fund) issued a prospectus. According to Wind, the ETF will be launched on April 15. Recently, there are Huaxia CSC Shanghai, Shenzhen and Hong Kong gold industry ETF connection fund launch, the subscription starting date is April 11.

The Daily Business News reporter noted that gold prices are expected to rise strongly this year, superimposed by the boost of risk aversion demand, and the investment enthusiasm of related assets has not abated, but there are also views that give cautious opinions on the current hyperactive gold investment.

Gold stocks continued to soar after adjustment

With the international gold price continues to set a new record, A-share gold plate listed companies have also made good news in the first quarter.

The pre-disclosure of the results of Yintai Gold and Hunan Gold (002155) on April 9 showed that the upper limit of the year-on-year increase in net profit during the quarter was 60% or more. Among them, many companies have made it clear that the change in performance is due to rising prices, for example, Yintai Gold saidCoinmasterspinslevvvelDuring the reporting period, the mines under the company continued to operate steadily, and the increase in net profit over the same period last year was mainly due to the rise in gold and silver prices and the increase in sales volume. " The explanation given by Hunan Gold is more direct.CoinmasterspinslevvvelWhen: "the main reason is the rise in product prices."

A reporter from the Daily Business News noted that gold stocks continued to soar after adjustment on April 10, such as Les Gentry psychic (603900) harvested "seven consecutive boards", China Resources Resources (000506) "five days and four boards", Zijin Mining (601899) soared by 6%. The total market capitalization surpassed the Postal savings Bank and ranked among the top 20 of A shares. This is also one of the few rising sectors in the A-share adjustment that day.

At the same time, a group of gold concept public offering funds have also made a lot of profits in the near future, especially the performance of some non-ferrous and cyclical funds, which not only withdrew slightly in the recent week's adjustment, but also the performance king of the most recent quarter. Taking Huaxia CSC Shanghai, Shenzhen and Hong Kong Gold Industry Stock ETF as an example, Wind statistics show that the fund's net return in the most recent quarter is 37.Coinmasterspinslevvvel.16%, leading the industry, up 5% in the latest week and month, respectively.Coinmasterspinslevvvel.39% and 17.46%, with similar performance in the same period, such as Yongsheng CSC Shanghai, Shenzhen and Hong Kong Gold Industry Stock ETF, Jingshun Great Wall cycle Optimization A, and so on.

However, there are analytical views on the price of spot gold, showing a cautious attitude. For example, the research report of Soochow Securities (601555) pointed out that if you refer to the experience of US $1000 / oz in gold station in 2009, 20% may be a threshold, which also means that there may be some pullback pressure around US $2400 / oz.

Interestingly, at present, there are still a lot of institutional funds in the market that continue to distribute the gold sector, especially the long willingness of some public funds is very obvious, and many new funds are expected to be established in the near future, which is also expected to bring new incremental funds into the market.

Logic changes behind the rise in gold prices

A reporter from the Daily Business News noted that on April 10, Cathay Pacific Fund announced that its Cathay Pacific CSC Shanghai-Shenzhen-Hong Kong gold industry stock ETF was about to be launched. Wind statistics show that the fund will start subscribing on April 15. Recently, there are Huaxia CSC Shanghai, Shenzhen and Hong Kong gold industry ETF connection fund launch, the subscription starting date is April 11.

Up to now, there are a total of 21 gold-themed ETF that can be traded in the secondary market (statistical initial share, excluding non-ferrous metals related index). Although the names are different, the tracking index is mainly physical gold and stock assets. Among them, the number of ETF tracking "SGE Gold 9999" is the largest, followed by ETF tracking "Shanghai Gold". These ETF belong to commodity ETF. As far as equity funds are concerned, the current number is only 3, so the gold ETF investment tools in stock assets are still scarce in the whole market.

At present, the price of gold continues to strengthen after a short-term adjustment, and gold has attracted more and more attention as a risk aversion tool. The recent rise in gold mainly reflects the logic of the capital side. COMEX non-commercial net long futures position is about 200000, which belongs to the stage of high long position, and the market is bullish.

From a fundamental point of view, the strong US non-farm data has delayed the pace of interest rate cuts, and gold currently mainly reflects geo-risk and the allocation logic of de-dollarization.

Hua an fund analysis pointed out that last Friday (April 5) non-farm payrolls data was strong, gold and US debt interest rates showed a relatively rare simultaneous rise, mainly due to rising demand for risk and long-term inflation allocation.

In terms of domestic investment, during the Qingming Festival holiday this year, international gold assets continued to lead the upstream resource commodities to advance by leaps and bounds, with investors flocking in after rising continuously.

Wang Xiang, manager of Boshi Gold ETF Fund, believes that from the logic behind it, the short-term gold price rally has changed from a rush trade under the medium-term easing path to a short-term emotional game driven by the geo-situation in the Middle East, and the range of subsequent fluctuations may be further amplified.

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Source of cover picture: visual China (000681)