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发帖数: 887 | 1 http://blogs.wsj.com/chinarealtime/2010/10/11/new-pitch-for-gold-location-location-location/
Chinese gold enthusiasts will soon have a new way besides stocking up on
gold jewelry to get their fix.
In early November, Hong Kong will be listing a new gold exchange-traded fund
, or ETF. The Value Gold ETF’s big selling point is that the fund’s
underlying gold will be stored in Hong Kong, making it the first fund (so it
says) to have its backed gold stored in China. (Usually, gold funds stick
the stuff in a vault in London.) Standard Bank Group Ltd., the largest bank
in South Africa, will provide the gold, while a joint venture between Ping
An Insurance (Group) Co. of China Ltd. and Value Partners Group Ltd., a Hong
Kong asset management company, will manage the ETF.
Gold has, of course, been on a tear. Fears that “quantitative easing” in
the U.S. and Japan will degrade the value of major currencies is helping to
burnish the yellow metal’s luster. Although some economists advise against
investing in gold, gold future prices have been setting new highs. During
the Asian day Monday, gold was trading at $1,348.60 per troy ounce, up about
$1.50 from Friday’s levels. Last Wednesday, shares of some Asian gold
miners and ETFs hit all-time highs.
Chinese consumers, with their traditional affinity for 24-karat gold jewelry
, are a prime target for new gold ETFs. Even as high gold prices hurt demand
in gold jewelry, the new ETF’s backers clearly hope that gold’s appeal as
the ultimate hedge will stoke investment interest. The close proximity of
the physical gold could help some investors new to the ETF concept feel more
comfortable about buying securities instead of the actual bullion — and
maybe give the Value Gold ETF an edge over others listed in Hong Kong.
“During times of uncertainty, investors can take comfort in the fact that
the Value Gold ETF is an investment in physical gold held locally, rather
than in a far off jurisdiction,” said Cheng Thye Ng, head of precious
metals for Standard Bank in Asia. “This product [is] ideally suited to
Asian investors, who prever to invest in locally held assets or investments.
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