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Our latest report on the low-cost fund investments assesses the suitability of new US products holding bitcoin directly; ways to gain crypto exposure from Europe; the backlash against sustainability themes
...Huge bets by Chinese speculators on rising gold prices have helped super-charge the precious metal’s rally to an all-time high this month, in a sign that Asian traders are beginning to eclipse their western...
...The rally has been one of the most ferocious but also mysterious, since most of the demand is coming from China and a sell-off is under way at exchange-traded funds and bullion dealers in western countries...
...For some of these more cyclical sectors, that is a very positive sign for earnings growth.”...
...Enter the relatively new CG UK Index-Linked Bond Fund with costs of 0.15 per cent — an actively managed fund close to the price of a passive fund....
...Bitcoin has been dubbed “digital gold” but the rapid growth of bitcoin exchange traded funds in the US has not driven outflows from gold ETFs, according to investment bank research....
...“It has been the quietest, most confusing rally,” said Nicky Shiels, precious metals analyst at MKS Pamp, a Swiss gold refinery and trading house....
...The inflows into 11 new bitcoin exchange traded funds that received US regulatory approval in January went into reverse this week....
...But perhaps the purchases by Chinese households of gold through jewellery, bars and even exchange traded funds had been missed....
...With $19bn being sucked up by Chinese equity funds (including mutual funds) alone, EPFR said: “The latest flows into China-mandated funds went predominantly to domestically domiciled ETFs as Chinese policymakers...
...Shareholders, wary of overpaying for growth, would prefer companies to mine the market for cheap assets first. alan.livsey@ft.com...
...Not only is it a precious metal with a history of coinage, but it is used in photovoltaic (or solar) energy....
...“Surging demand in gold’s number one consumer nation shows no sign of letting up,” said Adrian Ash, director of research at BullionVault, an online precious metals investment service....
...Macquarie, meanwhile, predicted this week that refined production growth for zinc would drop 0.4 per cent....
...These votes also may exacerbate geopolitical uncertainty, with the potential to weigh down on growth expectations and drag soft-landing hopes towards a more gold-friendly economic “tail”....
...In terms of investment “factors”, quality — stocks with a high return on equity, stable earnings growth and low leverage — ruled the roost, with a record $36bn of net buying....
...The most important variable for gold prices, historically, is real rates, the opportunity cost for holding a yield-free metal....
...And the yellow metal isn’t the most expensive ever. After adjusting for inflation its peak was July 2020, with real prices on a downward path since....
...Wayne Lam, analyst at RBC, said de Montessus’s dismissal created “substantial near-term uncertainty” for the world’s tenth largest gold miner as it attempts to complete two critical growth projects in West...
...Gold reached its previous record high of $2,072.49 per troy ounce in August 2020 when the coronavirus pandemic was hitting the US economy, leading investors to snap up the precious metal....
...The price of gold could soon break record levels if the Israel-Hamas conflict worsens, the head of the world’s biggest miner of the precious metal has said....
...Commodity prices turn on a nickel — a metal, incidentally, worth three-fifths what it was a year ago....
...“In the precious metals world, they are becoming more comfortable with the emerging markets.”...
...Since 2004, this agency has had experience overseeing spot non-security commodity ETPs, such as those holding certain precious metals....
...The emirate of Dubai, a key precious metals trading hub, already has a large foothold in Africa’s ports and logistics network, the fortunes of which are closely tied to commodities....
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