,…”demand for Chinese gold exchange-traded funds surged by 29 tonnes in the first two weeks of April alone.
“That was more than the total buying in the entire March quarter, when Chinese gold ETFs posted record inflows equivalent to 23 tonnes…”
Victor Smorgon’s gold fund returns 9.4pc in March Alex Gluyas
2.44pm
Victor Smorgon’s Resources Gold Fund returned 9.4 per cent in March, taking its gain for this financial year to 50.8 per cent, as prices of the precious metal soared to record levels.
Portfolio manager Cameron Judd noted that Chinese investors were dumping US haven assets such as Treasuries to buy gold, a trend that will continue to push prices towards $US4000 an ounce. Gold hit a record above $US3275 an ounce on Wednesday.
Indeed, demand for Chinese gold exchange-traded funds surged by 29 tonnes in the first two weeks of April alone. That was more than the total buying in the entire March quarter, when Chinese gold ETFs posted record inflows equivalent to 23 tonnes.
“Gold investments are becoming more precious than ever,” Judd said. “Its record-breaking run is expected to continue and reflects mounting investor anxiety over stagflation, whereby the world could see elevated inflation, rising unemployment and economic contraction.”
Judd is backing ASX-listed gold miners and explorers, including Meeka Metals, Vault Minerals and Black Cat.
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