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Gold in Focus as Swiss Gold Referendum Looms

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Gold in Focus as Swiss Gold Referendum Looms

ETFS Multi-Asset Weekly Gold in Focus as Swiss Gold Referendum Looms

Highlights

  • Natural gas surges on colder weather.
  • Swiss gold referendum key for CHF strength.
  • Gold miners rally as gold rebounds.
ETFweekly472014

Cyclical assets broadly performed well last week as central banks reiterated economic support. But so did gold and it could continue, despite the strength in the US dollar, in a sign that its price has bottomed after weeks of de-rating, as the Swiss gold referendum looms. Sentiment was buoyed last week with the European Central Bank pledging once again “to do whatever it takes” to ward off deflation. The ECB commenced purchases of asset-backed securities, expanding its QE programme, while the People’s Bank of China cut interest rates to spur flagging demand.

Commodities

Natural gas surges on colder weather. Natural gas rebounded 13.7% as a cold snap ate into gas storage levels. Natural gas transportation is highly constrained during times of peak demand in New York and New England and last week’s cold weather led to a strong rally in the US North East region in particular. Gold and silver gained 2.4% and 2.9% last week, respectively. With both metals having fallen close to their marginal cost of production, it is increasingly likely that production will be cut, helping to tighten the supply of the metals. Soybeans and corn fell 3.2% each as the rising probability of an El Niño weather event bodes well for growing conditions for the crops in South America over the coming months. The Australian Bureau of Meteorology increased the odd of an El Niño to 70% from 50% previously. Nickel bounced up 6.2% as Indonesia reaffirmed its ore export ban.

Equities

Gold miners rally as gold rebounds. DAXglobal® Gold Miners Index continued its recovery from record lows this week, rallying 8.9%, tracking the performance of bullion, albeit in a more volatile manner. Miners initially outperformed gold this year, but in recent months gains have been erased following the tumble in the spot price of gold to the 1,200 $/oz level, slashing the profit margins for high cost producers. Meanwhile, in Europe stocks advanced after Mario Draghi’s dovish comments surrounding the ECB’s asset purchase program which suggested measures will extend to sovereign bond buying if inflation continues to remain depressed and well below the medium term target of below but near to 2%.The DAX 30 and FTSE MIB rose 2.55% and 2.27% respectively, as investors anticipate stimulus measures to be extended.

Currencies

Swiss gold referendum key for CHF strength. We expect the Swiss franc to lift and test the SNB commitment to maintaining its currency policy floor against the Euro if the ‘Save Our Swiss Gold’ referendum is passed. A ‘yes’ vote for the referendum would mean that the CHF would have a stronger gold backing, in turn increasing its attractiveness for investors looking for hard asset exposure in an uncertain period for European economies. While recent polls have indicated that an affirmative response from voters is waning, as the central back campaign against the proposition, a large proportion undecided voters will be the likely key for victory for either side. Nevertheless, the market does not appear to have priced in the chance of the referendum being passed and we expect the risks for the Swiss Franc (and gold) are skewed to the upside.

Important Information

This communication has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (”FCA”).

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A pro-crypto agenda is underway

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• Trump’s crypto ally now leads the SEC, signaling the potential for a pro-crypto agenda • Bitcoin isn’t just for HODLing anymore, thanks to Babylon • The Dogecoin story: The emerging “intrinsic value
  • Trump’s crypto ally now leads the SEC, signaling the potential for a pro-crypto agenda
  • Bitcoin isn’t just for HODLing anymore, thanks to Babylon
  • The Dogecoin story: The emerging “intrinsic value”

Trump’s crypto ally now leads the SEC, signaling the potential for a pro-crypto agenda

Paul Atkins’ appointment as SEC Chair marks a significant turning point for cryptocurrency regulation in the United States. The cryptocurrency market embraced him, with both Bitcoin and Ethereum rallying up to 9% and 14% respectively in the immediate aftermath. Given Atkins’ background in the crypto space, the industry has welcomed his confirmation and anticipates that he may expedite the approval of several pending projects.

Bitcoin isn’t just for HODLing anymore, thanks to Babylon

Bitcoin is known for being one of the most secure blockchains out there. Now, a new project called Babylon is making waves by tapping into Bitcoin’s rock-solid security and bringing the staking feature to the Bitcoin world. Learn more about Bitcoin staking and its importance.

The Dogecoin story: The emerging “intrinsic value”

Dogecoin may have started as a meme, but it’s now a serious player in digital payments, offering fast, low-cost transactions to a passionate community driving real-world impact and innovation. The chart below underscores that real-world usage: it shows that cumulative transactions on the Dogecoin blockchain have surged over the past two years, effectively tripling in volume, all while transaction costs have remained remarkably low.

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

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SPFS ETF investerar i globala hälsovårdsföretag

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SPDR MSCI World Health Care UCITS ETF (SPFS ETF) med ISIN IE00BYTRRB94, strävar efter att spåra MSCI World Health Care-index. MSCI World Health Care-index spårar hälsovårdssektorn på de utvecklade marknaderna över hela världen (GICS-sektorklassificering).

SPDR MSCI World Health Care UCITS ETF (SPFS ETF) med ISIN IE00BYTRRB94, strävar efter att spåra MSCI World Health Care-index. MSCI World Health Care-index spårar hälsovårdssektorn på de utvecklade marknaderna över hela världen (GICS-sektorklassificering).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,30 % p.a. ETFen replikerar resultatet av det underliggande indexet genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

SPDR MSCI World Health Care UCITS ETF är en stor ETF med tillgångar på 531 miljoner euro under förvaltning. Denna ETF lanserades den 29 april 2016 och har sin hemvist i Irland.

Fondens mål

Fondens investeringsmål är att följa resultatet för företag inom hälso- och sjukvårdssektorn, över utvecklade marknader globalt.

Indexbeskrivning

MSCI World Health Care 35/20 Capped Index mäter utvecklingen för globala aktier som klassificeras som fallande inom hälsovårdssektorn, enligt Global Industry Classification Standard (GICS).

Handla SPFS

SPDR MSCI World Health Care UCITS ETF (SPFS ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRONordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
gettexEURSS49
Borsa ItalianaEURWHEA
Euronext AmsterdamEURWHEA
London Stock ExchangeUSDWHEA
London Stock ExchangeGBPHEAW
SIX Swiss ExchangeUSDWHEA
XETRAEURSPFS

Största innehav

VärdepapperVikt %
Eli Lilly and Company9,43%
Novo Nordisk A/S Class B5,97%
UnitedHealth Group Incorporated5,88%
Johnson & Johnson4,56%
Merck & Co. Inc.4,14%
AbbVie Inc.3,77%
AstraZeneca PLC3,11%
Novartis AG2,76%
Thermo Fisher Scientific Inc.2,65%
Roche Holding Ltd Dividend Right Cert.2,47%

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Slakten av Magnificent 7 aktierna

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De amerikanska aktier som kollektivt går under namnet Mag7, också kända som Magnificent 7 aktierna har förlorat 4,4 biljoner dollar i marknadsvärde sedan toppen i december.

De amerikanska aktier som kollektivt går under namnet Mag7, också kända som Magnificent 7 aktierna har förlorat 4,4 biljoner dollar i marknadsvärde sedan toppen i december.

Detta är nästan dubbelt så mycket som värdet på den tyska aktiemarknaden. Dessa aktier återspeglar ~29 % av S&P 500-börsvärdet, en minskning från rekordhöga 34 %.

Vi skrev nyligen en artikel om tyska utdelningsaktier som du finner här

För den som letar efter investeringar i Tyskland klicka här

Källa: Global Markets Investor @GlobalMktObserv

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