Gold price The fluctuation has limited impact on related financial products
Investors still need to be alert to the potential risks of gold investment
◎ Journalist Chang Peiqi
The gold price staged a "roller coaster". Is the income of "gold" wealth management products pushed by wealth management companies since the beginning of the year affected?
On May 9, a reporter from the Shanghai Securities News learned that, benefiting from factors such as low allocation of gold and risk hedging, the net value of gold linked wealth management products has not been greatly impacted, despite the recent fall in gold price adjustment. However, the interviewees cautioned that investors should still be alert to the potential risks of gold investment: first, the gold price may aggravate the volatility in the short term, which will lead to fluctuations in the net value of related financial products; Second, gold related financial products are mostly closed, which may have liquidity restrictions, affecting investors' timely access to the market.
No obvious impact
In the early stage, the gold price has been "soaring" all the way, and financial management companies have deployed gold assets and issued relevant financial products.
According to incomplete statistics by reporters, 27 wealth management products linked to gold or allocated with gold assets have been established since this year. Such products are generally structured financial products, linked to the spot contract AU9999.SGE of the Shanghai Gold Exchange, and mainly operate in a closed manner. The risk level is mainly R2, and the strategy of "fixed income+gold" is usually adopted.
Thanks to the rise of gold price, "gold" financial products have performed well for a period of time, with some products earning more than 6% in the short term. "The wealth management products that used the strategy of" fixed income+gold "to allocate gold assets and participate in the gold market investment earlier have obtained relatively considerable investment returns," Wang Jie, a researcher of Puyi Standards, told reporters.
However, the gold market is now "cooling down". Since the middle and late April, London gold (spot gold) has fluctuated from a high of $2430.7 per ounce on April 12, hitting $2277.7 per ounce at the lowest point, with a cumulative maximum decline of more than 6%. The main contract of domestic Shanghai gold futures fell from a high of 588.28 yuan/g to 542.2 yuan/g. In addition, since April, influenced by multiple factors such as the central bank's further warning of market interest rate risk, the bond market, which has been strong for a long time, has recently undergone periodic adjustment, and the yield of treasury bonds of all maturities has risen significantly.
Does the "roller coaster" of gold price market superimpose the debt market adjustment, which has an impact on the net value of "gold" wealth management products?
Dong Cuihua, a researcher of Puyi Standard, said that fluctuations in the gold market may cause short-term earnings fluctuations of such wealth management products. The higher the proportion of gold assets held, the greater the impact on earnings. "However, the financial products linked to gold usually adopt the 'fixed income+gold' strategy, and the proportion of gold allocated is often less than 10%. In addition, the asset allocation of financial products generally carries out risk hedging, and the fluctuation of the earnings of related financial products will be far less than the fluctuation level of the gold market."
A senior bank financial investor told the reporter that the market callback had limited impact on the gold financial products recently issued by the financial management company.
The person also said that the price correction also shows that the market has returned to rational pricing of such assets, which can reduce the timing risk of investors buying at a high level. Moreover, the market adjustment shows that the logic of asset price changes returns to the fundamentals: for gold, the Federal Reserve is still expected to cut interest rates, supporting the long-term rise of gold prices; The risk of a sharp rise in bond market interest rates is limited and still has allocation value.
In addition, some structured financial products linked to gold will anchor an initial point to observe whether the subsequent gold price rises. "The current market adjustment is conducive to lowering the initial point and smoothly knocking out products, so as to obtain a higher performance benchmark." The above person added.
Still need to be alert to investment risks
As a special commodity, the price trend of gold is more complex than that of bulk commodities, and it has the characteristics of a long cycle. The interviewee reminded that ordinary investors should be alert to the potential risks of gold investment.
Fan Ruoying, a researcher at the Bank of China Research Institute, said that, on the whole, gold prices are expected to be in a new round of long-term upward trend, but in the short term, they will face a large risk of callback, which needs attention.
Chen Xuanjin, a researcher of Puyi Standard, analyzed that the gold price is affected by many factors. Global economic situation, monetary policy, geopolitical and other factors may cause short-term fluctuations in the gold price, resulting in large fluctuations in the net value of underlying assets and gold related wealth management products.
"Some individual investors may lack professional knowledge and the latest information about the gold market and choose to buy corresponding financial products only because of the recent rise in gold prices. Most of the newly issued gold related financial products are closed and difficult to buy and sell in time. These products may have liquidity restrictions that affect investors' timely access to the market, resulting in losses." Chen Xuanjin added.
An insider suggested that investors should be aware of the risks of investing in gold and fully understand the research before purchasing relevant investment products. "Gold should be a part of diversified asset allocation, not the only investment option".
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