At the start of the new year, multiple military actions by the U.S. military under the Trump administration have escalated geopolitical tensions. Large-scale domestic protests and political instability in Iran have further heightened market concerns over oil price and inflation uncertainties. Gold has once again attracted safe-haven capital, extending its gains and setting new price records. From a market perspective, international gold prices continued their upward trajectory over the past week (Jan 5-9), driven by safe-haven demand spurred by geopolitical risks: the U.S. launched a swift military strike in Venezuela and hinted that other South American nations could also face potential intervention. Trump's expressed interest in acquiring Greenland has increased friction with European allies. While his foreign policy is perceived as benefiting the U.S., it disregards international order, fueling market anxiety. Weak non-farm payroll data released last week further reinforced market views of a cooling U.S. labor market; not only did December figures miss expectations, but previous months' data were also revised downward. Federal Reserve Governor Michelle Bowman reiterated her support for significant interest rate cuts, primarily judging inflation data to be lagging indicators. With the announcement of the new Fed Chair imminent and rumors surfacing about a criminal investigation into Powell, market bets on monetary easing have intensified due to both political and data factors, amplifying the positive momentum for precious metals amid rising uncertainty. From a medium-term perspective, the outlook for precious metals remains favorable, although increased short-term volatility also signals higher speculative risks. Key developments, such as the pending Supreme Court ruling on tariffs and the CME's third hike in precious metals margin requirements within a month, suggest that event-driven impacts on the precious metals market are likely to remain frequent. Adopting a medium-term allocation strategy rather than engaging in short-term speculation remains a prudent approach. Regarding last week's market developments, U.S. non-farm payroll data came in weak. The Labor Department reported an addition of 50,000 jobs in December, falling short of the expected 60,000. Meanwhile, the unemployment rate dropped to 4.4%, below the forecast of 4.5%. Risk Warning: Recent gold price volatility has been significant. Investors considering gold funds should fully understand the associated risks and make prudent decisions based on their individual risk tolerance. It is also advisable to continuously monitor global macroeconomic trends, central bank gold purchasing activities, 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 herein constitute actual investment results for our company, nor shall they serve as investment advice for any investor. Unless otherwise specified, data in this report is sourced from Wind, Bloomberg, or Bosera Fund. This report is the copyrighted property of Bosera Asset Management Co., Ltd. Investing involves risks; please choose cautiously. Bosera Gold ETF and its feeder fund risk rating: Medium. Risk Disclosure Statement Dear Investor, Fund investments carry risks and require caution. Publicly offered securities investment funds (hereinafter "funds") are long-term investment instruments primarily designed to diversify investments and reduce the specific risks associated with investing in a single security. Unlike financial instruments such as bank savings that offer fixed income expectations, when you purchase a fund product, you may share in the investment returns generated by the fund based on your held units, but you may also bear losses resulting from the fund's investments. Before making an investment decision, please carefully read the fund contract, prospectus, product key facts summary, and other legal documents, as well as this risk disclosure statement. Fully understand the risk-return characteristics and product features of this fund, seriously consider all risk factors associated with the fund, and based on your investment objectives, investment horizon, investment experience, and asset status, carefully assess your risk tolerance. Make rational and cautious investment decisions based on an understanding of the product and suitability advice. In accordance with relevant laws and regulations, Bosera Fund provides the following risk disclosures: I. Based on different investment objects, funds are categorized into stock funds, hybrid funds, bond funds, money market funds, fund of funds, commodity funds, etc. Investing in different types of funds will yield different return expectations and involve 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 specific to open-end funds. That is, when the net redemption requests on a single open day exceed a certain percentage of the fund's total units (10% for open-end funds, 20% for定期开放 funds, unless otherwise specified by the CSRC), you may be unable to redeem all requested units promptly, or your redemption proceeds 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 plans are a simple way to guide investors toward long-term investing and averaging investment costs, but they cannot eliminate the inherent risks of fund investing, guarantee investor returns, or serve as equivalent substitutes for savings. IV. The fund manager commits to managing and utilizing fund assets with principles of honesty,信用, diligence, and尽责, but does not guarantee that the fund will necessarily be profitable or assure minimum returns. The past performance and net asset value of the fund do not indicate its future performance. 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, you shall bear the investment risks arising from the fund's operational status and changes in its net asset value. The fund manager, custodian, sales agency, and related institutions make no promises or guarantees regarding fund investment returns. This fund's investment scope includes stocks lawfully issued and listed (including SMEs, ChiNext, STAR Market, and other stocks approved by the CSRC), etc. Specific risks associated with STAR Market stocks include liquidity risk, delisting risk, and concentration risk. V. [Bosera Gold Exchange Traded Open-End Securities Investment Fund (159937), Bosera Gold ETF Feeder Fund Class A Units: 002610, Class C Units: 002611] (hereinafter "this fund") was applied for registration by Bosera Fund (hereinafter "the Fund Manager") in accordance with relevant laws and regulations and has been approved for registration by the China Securities Regulatory Commission (hereinafter "the CSRC"). The fund contract, prospectus, and product key facts summary for this fund have been publicly disclosed on 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 imply that investing in this fund is risk-free. The MACD golden cross signal has formed, and these stocks are performing well! Massive information, precise interpretation, all available on the Sina Finance App.
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