Gold QDII gains frustration experts say gold prospects are not optimistic
The recent fall in foreign gold prices dragged down the China Qualified Domestic Institutional Investor (QDII) fund, which is principally invested in gold ETFs.

According to data from the Good Buy Fund, as of May 3rd, among the 69 QDII funds, many gold-themed and multi-gold commodity theme funds topped the list of losses, including Huitianfu gold and precious metals, E Fund gold theme, and Harvest. Gold and Connaught’s gold declined by 15.13%, 14.35%, 13.03% and 12.72%, respectively.

Good buy fund analyst Yu Sijia said in an interview with a China News Agency reporter that the position of gold QDII is mainly gold ETF, in order to track the price of gold for investment purposes. The volatility of gold prices is bound to affect the performance of such products.

As of May 1, foreign spot gold's closing price was 1,457.58 US dollars per ounce, compared to the opening price of 1,561.37 US dollars per ounce on April 12, down 6.6%, compared with the historical high of 1,895 US dollars / ounce fell more than 23%.

However, according to the "Chinese Aunt Wins Wall Street" that has been stired up by the domestic media in recent days, Yu Sijia does not agree. She pointed out that before the foreign institutions focused on shorting gold on April 12th and 15th, there was no further action. This move is more of an initiative strategy and it is difficult to form a direct causal relationship with the retail purchases of Chinese retail investors.

In this regard, Zhao Xinjing, an analyst with high quality of Anxin Futures, also agreed. Zhao Jingjing emphasized that currently there are two gold pricing systems in London: physical gold in London and New York gold futures. As the trading volume of physical gold is far from the comparable trading volume of New York gold futures, the so-called hedging effect of retail gold escalating physical gold on the price of foreign gold controlled by Wall Street. Not great.

In early April, Goldman Sachs, UBS, Deutsche Bank, and Societe Generale and other foreign investment banks drastically lowered their expectations for gold prices for the current year and the next year. Foreign gold prices immediately jumped sharply, dropping even once to 15.3%. For a time, there was a surge of “gold grabbing frenzy” in Mainland China, while foreign gold prices rebounded. The “Chinese Aunt” who claimed to have beaten Wall Street's predators became a Chinese online word.

Yu Sijia further pointed out that the future prospects for gold prices are not optimistic. Judging from the data released recently, the signs of economic recovery in the United States have become more apparent, and larger-scale easing policies are not expected. The price of gold has risen continuously for many years, lacking further upward momentum, and there are still signs that foreign institutions are short selling gold.

The Labor Department of USA said on Friday that in April, the number of new non-agricultural employees in the USA reached 165,000, which was higher than the market expectation; in April, the unemployment rate also fell to 7.5% from 7.6% in March, which was due in December 2008. In April, the ISM non-manufacturing index was 53.1, which was also better than market expectations.

According to media reports, the global gold-rated ETF-SPDR last Friday's gold holdings fell by 3.60 tons from the previous trading day to 1065.61 tons, a record low for more than three-and-a-half years.

Buffett, a well-known foreign investor, also announced at the general meeting held at the end of last week that gold "had not fallen to $800."

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