GoldNuggets — Allocations, China, Tech

Callum_Thomas
04-14

GoldNuggets Digest: gold ETF allocations, PBOC gold buying, China gold ETF holdings, China asset returns landscape, gold vs tech stocks... $Gold - main 2506(GCmain)$

Gold Allocation

  • Retail allocations to gold ETFs are starting to shift —reaching a 4-year high as inflows step up and market movements begin to drift allocations higher from near record lows.

  • Gold miners on the other hand still see historically light allocations, with gold mining ETFs seeing ongoing *outflows*. Still looks early.

China Loves Gold — PBOC

  • “China reported 5 tonnes of gold purchases in February… China actually bought 50 tonnes of gold in February (per GS).“

  • This makes a lot of sense, especially with Trump tariffs and increasingly hostile treatment of China by the USA — China is diversifying its FX reserves out of treasuries and into gold.

China Loves Gold — Retail

  • “The new hype is China gold ETF holdings.“

  • Chinese investors are getting into gold, and who can blame them given the parabolic price movement in CNY Gold.

China Gold vs Stocks and Property

  • Taking it a step further, another key reason why retail investors in China are chasing after gold is that the returns from gold have significantly outpaced the same for stocks. Meanwhile the old favorite investment of property remains mired in an entrenched downturn, so it’s only logical that hot retail money is chasing the current hottest asset.

Gold vs Tech Stocks — Trend Symmetry

  • 13D argued “a classic paradigm shift into the new market leaders (is) starting, which would feature commodities, commodity-related and inflation-sensitive sectors, and many of the long-depressed markets“

  • I would have to agree, and there are many charts tracing some very interesting paths, such as this one.

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