日本将发行一个新的黄金ETF

henry

Japanese exchange to offer gold-based trading fund

By - Alexis Xydias Bloomberg News
Published: April 6, 2007



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Gold fund to trade on Osaka exchange Osaka Securities Exchange, which operates the second-largest Japanese stock market, may list an exchange-traded gold fund as early as this month as it taps rising interest in commodities from investors looking to diversify their portfolios.
The fund, which is linked to gold prices, was being created by one of the largest investment trusts in Japan, and would have net assets under management of ¥3 billion to ¥5 billion, or $25 million to $42 million, said Kotaro Yamazawa, an executive at the exchange.
Rising commodity prices have stirred institutional and retail investor interest in the sector, and has led to an expansion in exchange-traded funds, known as ETFs. Gold prices reached a 26-year high of $730.40 an ounce in May 2006, while futures prices for the metal on the Tokyo Commodity Exchange reached a 21-year peak Feb. 26. The Osaka exchange would be the first in Japan to introduce an ETF for gold.
"Listing gold-linked ETFs in Japan will allow institutional investors more opportunities to meet their hedging needs, and may get more individuals interested in gold investments," said Masaaki Nangaku, the chairman of the Tokyo Commodity Exchange.
The Osaka Securities Exchange finished preparations last month to allow listing of ETFs based on "gold, crude, palm oil, non-ferrous metals, and whatever else," Yamazawa said.
The Osaka Securities Exchange is also considering listing ETFs linked to indexes like the Goldman Sachs Commodity index and the Tokyo Commodity Exchange's TOCOM index, Yamazawa said.



"It's not clear how the ETF will be linked to gold prices, or how trading will occur," said Osamu Ikeda, general manager of precious metals at Tanaka Kikinzoku Kogyo, the largest gold retailer in Japan.
The balance of gold in ETFs around the world is more than 600 metric tons, said Koichiro Kamei, managing director of Market Strategy Institute in Tokyo.
Gold is favored by some investors as a hedge against inflation, and its price can also track movements in crude oil costs. Exchange-traded funds allow investors to own commodities without having to take physical delivery.
The first gold-backed ETF began trading in Australia in March 2003. Similar funds are trading in Britain, South Africa, the United States, Singapore and India.
Itsuo Toshima, regional director for Japan and South Korea at the World Gold Council, said the gold tonnage in ETFs was "equivalent to the demand for physical delivery of gold in China." - Yasumasa Song

xboy

规模 好像 不是 很大。