贵金属投资技术分析英文版(61).ppt

Gold net speculative longs back to end-2008 levels The clear-out of gold position could help set a firmer base for gold price performance in the coming months. Gold net speculative longs back to end-2008 levels Summing it up Global growth is showing signs of recovery, with the US and China leading the way. The monetary policy of major developed economies expected to remain highly accommodative in 2013, with the Fed actively encouraging investors to move out the risk spectrum. Rising growth and high liquidity is conducive to commodity performance, with the most cyclical commodities, particularly metals and energy tending to outperform. Correlations with other asset classes have declined in recent months, enhancing diversification benefits. Commodity exposures can enhance the risk/return profile of a traditional balanced portfolio of equities and bonds. Commodity supercycle remains intact, as emerging market industrialisation process remains in nascent stages. Important to understand the unique fundamental characteristics of commodity sectors. Important Information General This communication has been provided by ETF Securities (UK) Limited (“ETFS UK”) which is authorised and regulated by the United Kingdom Financial Services Authority. The products discussed in this document are issued by ETFS Commodity Securities Limited (“CSL”), ETFS Hedged Commodity Securities Limited (“HCSL”), ETFS Foreign Exchange Limited (“FXL”), ETFS Industrial Metal Securities Limited (“IML”), ETFS Metal Securities Limited (“MSL”), ETFS Oil Securities Limited (“OSL”), Gold Bullion Securities Limited (“GBS” and together with CSL, HCSL, FXL, IML, MSL and OSL the “Issuers”) and ETFX Fund Company plc (the “Company”). Each Issuer is regulated by the Jersey Financial Services Commission. The Company is an open-ended investment company with variable capital having segregated liability between its sub-funds (each a “Fund”) and is organised under the laws of Ireland. The Company is regulated,