Wohlhabende Investoren kaufen massiv physisches Go B
Wohlhabende Investoren kaufen massiv physisches GoldWie die Financial Times London heute berichtet, ist die Investorennachfrage nach physischem Gold so hoch wie noch nie zuvor.
Vor allem wohlhabende Anleger treiben derzeit die Nachfrage nach oben. Jeremy Charles, Vorsitzender der LBMA, sagte, dass er einen solchen Ansturm auf physische Goldanlagen in seiner 33j Karriere noch nicht erlebt hat. Die Goldraffinerien k mit der Produktion von Goldbarren nicht mehr hinterher.
Philip Clewes Garner von HSBC f hinzu, dass dieser Run auf Gold nicht nur von seinem Ruf als "sicherer Hafen" in Zeiten der Bankenkrise stammt, sondern auch, weil es ein reales physisches Gut ist.
Am Dienstag lag der Spot Preis in London bei 900 USD pro Unze, mehr als 25% dem Stand vor der Pleite von Lehman Brothers. Obwohl einige H sagten, der Ansturm w die Preise nach oben treiben, warnten andere vor Einbr da die Schmucknachfrage nun nachlassen w
Obwohl M und Raffinerien an der Auslastungsgrenze arbeiten, sehen sie sich Knappheiten gegen insbesondere bei M Die s Rand Refinery arbeitet 7 Tage die Woche, die Pr hat den Produktionsbetrieb sogar auf das Wochenende ausgedehnt. In der letzten Woche hatte die US Mint den Verkauf der American Buffalo Goldm eingestellt, da die Lager leergekauft waren.
Dieses Posting habe ich nicht in den B eingebracht da die Stimmung dort sehr emotional hochkocht sobald etwas positives Gold berichtet wird. Ich sehe diese Anlageklasse als eine von vielen. Net inflows into the major gold funds over the quarter exceeded $3 billion over the quarter with one particularly exciting week in September. Silver funds also saw substantial activity. This time, however, rather than looking at tonnage, the charts shows the effective value of the metal in the funds at the end of each trading day, valued on the basis of the gold pm fix or the silver daily fix for each day. This can be a much more instructive analysis than looking merely at tonnage, or at the outright value of the funds from one end of the quarter or another. Inflows and outflows are not steady day by day and a snap shot valuation of the amount of women ugg boots classic short 5825 pink metal in the fund at the start and end of any particular UGG Boots UK period disguises the actual amount of money that is ebbing and flowing through the instrument.
Over the quarter the gold funds under scrutiny here experienced inflows on 28 trading days and outflows on 20 days, while the silver UGGs Boxing Day Sale funds drew investment in on 26 days, and suffered outflows on just eight days. In principle, therefore, this makes gold look as if it is starting to experience "noise" with some speculative elements trading in and out of the instruments. There is certainly something to this, but it is important to remember also that gold does tend to be sold in times of distress and this would certainly have been the case on at least one occasion over the past quarter.
So what do the numbers tell us?
In the major gold funds ,
Tonnage at start of quarter, 940, tonnage at end of quarter, 1,051. Change in tonnage, 111 tonnes;
Value of gold in these funds, basis the fix: start of quarter $28.1 billion, at the end of quarter $30.6 billion. Change in value of contained metal, $2.5 billion.
Taking the daily change in tonnage and valuing this via the daily pm fixes gives a more accurate pointer to market sentiment. On this basis, there was a net inflow of funds over the quarter of $3.4 billion and in the five trading days from 17th to 23rd September alone, some $3.2 billion were poured into the major gold funds. Equally, and in the interests of balance for the purposes of this argument, $1.0 billion had come out in three days between the 8th and 10th September.
Approximate daily gold EF flows, $M
Approximate daily silver ETF flows, $M
Analysis of the silver funds throws up the following results.
Tonnage at start of quarter: 7,015; tonnage at end of quarter 8,172; a gain of 1,157 tonnes.
Value of silver in these funds, basis the London fix; start of quarter $4.0 billion, end of quarter $3.5 billion, a fall of just less than $500 million.
On the basis of the cumulative daily changes, however, there was a net inflow of $386 million. Over the same time when gold was seeing such a rush of interest, the cumulative change in value of the silver in the funds was $100 million.
Obviously these funds are small beer by comparison with the equity and fixed income markets, but the fact that the ETFs alone are just one part of the bullion market (although an element that continues to grow in importance), and the gold ETFs took up over $3 billion of net investment in five working days makes one wonder just how much more went "Over the Counter".
The next burning issue, of course, is how much of it is likely to come back or not when these trying times are behind us. Current market sentiment, and certainly that espoused by the delegates at the recent London Bullion Market Association, is that the recent activity in the market heralds further interest in gold as investors are reminded of the need for a tangible insurance policy against times of stress.
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Sep 30 2008 12:28PMNow that Bailout I voted down, bailout II comes up next. Surely some new bailout manifestation will emerge this week and pass. We suspected in our Sunday newsletter Bailout I would fail to pass. But, Congress, shell shocked by fast moving events, will do something.