Last week, global financial markets were dominated by major macroeconomic headlines, with disputes over Greenland's sovereignty, escalating Middle East tensions, and concentrated sell-offs in European and U.S. bond markets all competing to influence market sentiment. Amidst the turmoil, gold once again attracted hedging capital support, with global ETFs showing significant increases in holdings. From a market perspective, the past week (Jan 19-23) saw an endless stream of international macroeconomic events, with financial markets being swayed by news headlines. High-profile tariff threats from Trump at the Davos Forum, rising geopolitical tensions in the Middle East, and widespread selling in European and U.S. bond markets successively impacted market sentiment, driving safe-haven funds toward gold. International gold prices surged by 8.31% for the week, marking the third-largest weekly gain since 2000. Trump threatened to impose tariffs on eight European countries to pressure them regarding the acquisition of Greenland, while Denmark's pension fund indicated it would exit the U.S. Treasury market. Although Denmark's holdings are less than $100 billion, the eurozone's total holdings of $1.8 trillion still raised concerns about potential risks. Subsequently, Trump retreated from his stance, announcing an agreement with NATO regarding Greenland and temporarily refraining from imposing tariffs on Europe. However, gold only experienced a brief adjustment before attracting more buying interest. The underlying reason may be Trump's unpredictable policies and his tendency to disregard "ally" positions during conflicts, potentially creating fractures within Europe and the U.S. Another significant event during the week was the widespread selling of Japanese, European, and U.S. bonds, with Japanese bond yields across all maturities reaching their highest levels since the 21st century. The New York Federal Reserve Bank unusually inquired about reference exchange rates for USD/JPY from several major banks on Friday, implementing a "rate check." This sparked expectations of joint U.S.-Japan intervention in the currency market and further significantly depressed the already weak U.S. dollar index during the week. This was another factor contributing to the notable strength of many dollar-denominated commodities on Friday. Finally, the potential for escalating geopolitical risks in the Middle East cannot be ruled out, as the U.S. Navy's Abraham Lincoln carrier strike group has arrived in the region and is operating within the U.S. Central Command's area of responsibility. During periods of high economic and political uncertainty, gold's role as a safe-haven and diversification tool makes it a strategic portfolio advantage. Particularly when equity market valuations are high and volatility and price trends in the digital currency sector are declining, gold's attractiveness under current conditions is expected to become increasingly apparent. Regarding this week's market dynamics, U.S. January PMI data came in slightly better than expected. The U.S. manufacturing PMI rose from 51.8 to 51.9, against an expectation of 52, while services remained at 52.5, against an expectation of 52.8. Tariff issues continue to dampen future economic growth expectations. The U.S. government faces another shutdown risk. Senate Democratic Leader Chuck Schumer vowed to block a massive spending bill unless Republicans withdraw funding for the Department of Homeland Security (DHS), increasing the risk of a partial government shutdown. Risk Warning: Recent gold price volatility has been significant. Investors in gold funds need to fully understand the risks and make prudent decisions based on their own risk tolerance. It is also advisable to continuously monitor global macroeconomic trends, central bank gold purchases, and relevant policy developments. Disclaimer: The information in this report is sourced from publicly available materials, and our company makes no guarantees regarding its accuracy or completeness. Under no circumstances shall the information or opinions expressed in this report constitute actual investment results for our company or any investment advice to investors. Unless otherwise specified, data in this report is sourced from Wind, Bloomberg, or Bosera Fund. This report is copyrighted by Bosera Asset Management Co., Ltd. Investing involves risks; please choose carefully. Bosera Gold ETF and its feeder fund risk rating: Medium. Risk Disclosure Statement: Dear Investor: Funds carry risks; investing requires caution. Publicly offered securities investment funds (hereinafter "funds") are long-term investment tools whose primary function is to diversify investments and reduce the specific risks associated with investing in a single security. Funds differ from financial instruments like bank savings that can provide fixed income expectations. When you purchase fund products, you may share in the investment gains according to your holdings, but you may also bear losses from fund investments. Before making an investment decision, please carefully read the fund contract, prospectus, and fund product summary, along with this risk disclosure statement. Fully understand this fund's risk-return characteristics and product features, seriously consider all risk factors associated with this fund, and based on your investment objectives, investment horizon, investment experience, and asset status, fully assess your risk tolerance. Make rational judgments and prudent investment decisions based on an understanding of the product and appropriate sales advice. In accordance with relevant laws and regulations, Bosera Fund provides the following risk disclosures: I. Depending on their investment objects, funds are categorized into different types such as stock funds, hybrid funds, bond funds, money market funds, fund of funds, and commodity funds. Investing in different types of funds will yield different return expectations and entail varying degrees of risk. Generally, the higher the expected return of a fund, the greater the risk you assume. II. Funds may face various risks during investment operations, including market risks, as well as the fund's own management risks, technical risks, and compliance risks. Large-scale redemption risk is a risk unique to open-end funds. If the net redemption requests on a single open day exceed a certain percentage of the fund's total shares (10% for open-end funds, 20% for定期开放 funds, except for special products specified by the China Securities Regulatory Commission), you may be unable to redeem all requested fund shares promptly, or redemption payments may be delayed. III. You should fully understand the differences between fund systematic investment plans (e.g., dollar-cost averaging) and savings methods like installment savings. Systematic investment is a simple way to guide investors toward long-term investing and averaging investment costs, but it does not avoid the inherent risks of fund investing, guarantee investor returns, or serve as an equivalent substitute for savings. IV. The fund manager promises to manage and utilize fund assets with principles of honesty, credit, diligence, and responsibility, but does not guarantee that the fund will necessarily be profitable or ensure a minimum return. The past performance and net asset value of this fund do not indicate its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Bosera Fund reminds you of the "buyer beware" principle in fund investing. After making an investment decision, investment risks arising from fund operation status and changes in net asset value are to be borne by you. The fund manager, custodian, sales agency, and related institutions do not make any promises or guarantees regarding fund investment returns. This fund's investment scope includes stocks issued and listed in accordance with the law (including SME board, ChiNext, STAR Market, and other stocks approved and listed by the CSRC), etc. Specific risks of STAR Market stocks include liquidity risk, delisting risk, and investment concentration risk. V. [Bosera Gold Exchange Traded Open-End Securities Investment Fund (159937), Bosera Gold ETF Feeder Fund Class A Shares: 002610, Class C Shares: 002611] (hereinafter "this fund") was applied for by Bosera Fund (hereinafter "the fund manager") in accordance with relevant laws and regulations and registered with the permission of the China Securities Regulatory Commission (hereinafter "CSRC"). This fund's contract, prospectus, and product summary have been publicly disclosed via the CSRC's fund electronic disclosure website http://eid.csrc.gov.cn/fund/disclose/index.html and the fund manager's website http://www.bosera.com/index.html. The CSRC's registration of this fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns, nor does it indicate that investing in this fund is risk-free. The MACD golden cross signal has formed; these stocks are performing well!
Comments