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Money fund manager Gundlach warns of gold ETFs

16:00  06 april  2020
16:00  06 april  2020 Source:   finanzen.net

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Gold ETFs and gold futures are two ways to diversify into the metals asset class, but there are significant differences between the two investment vehicles. ETF shares can be purchased just like any other stock—through a brokerage firm or a fund manager .

The high volatility on the equity markets coupled with the uncertainty about the actual economic consequences of the corona pandemic has recently driven investors back into gold. But an expert at least considers gold ETFs to be anything but a safe haven.

DANIEL ROLAND/AFP/Getty Images © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images

• Gold ETFs with strong demand

• Fund managers see them as a "speculative investment"

• ETF owners are not gold owners

If you want to invest in Gold , he basically has the choice to do this in physical form or on paper. Many investors have recently opted for the latter route, according to Bloomberg that investor assets, which are in gold ETFs, rose to a new record high last week. But paper gold has one disadvantage, warns fund expert Jeffrey Gundlach.

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Gundlach also runs TCW Total Return Bond Fund TGLMX, +0.10% and was Morningstar's Fixed Income Fund Manager of 2006. One of the advisers taking interest in Gundlach 's views was J. Dayne Lamb, a money manager in Lowell, Mass., who puts clients into TCW Total Return Bond Fund .

Gold 1,465.60. Two funds employing that strategy - iShares MSCI USA Minimum Volatility ETF (USMV.P) and PowerShares S&P 500 Low Gundlach spoke at the annual charitable event before some 3,000 hedge fund managers and investors at Lincoln Center's David Geffen Hall in New York.

speculative character?

The DoubleLine Capital CIO recently warned of gold ETFs during a webcast. By investing in these exchange-traded products, investors participate in the development of the gold price without becoming the owner of gold themselves. And this is exactly where Gundlach sees the problem: "Don't think you can get the physical metal back," said the expert.

buyers should be aware of the fact that holding shares is not the same as owning gold bars. Gundlach emphasizes that buying gold shares or investing in gold ETfs is much easier than actually buying a gold bar. Against this background, "paper gold" ETFs are "little more than speculative vehicles," warns the fund manager. What happens if physical gold should actually become scarce and everyone just wants to turn their paper gold into gold? "You can't squeeze blood out of a stone," Gundlach says.

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Two funds employing that strategy - iShares MSCI USA Minimum Volatility ETF (USMV.P) and PowerShares S&P 500 Low Volatility Portfolio Gundlach spoke at the annual charitable event before some 3,000 hedge fund managers and investors at Lincoln Center’s David Geffen Hall in New York.

The founder of the DoubleLine Capital says you can get a 6.8% yield with little risk, plus he explains why a couple of overseas markets and gold look tempting. it's been humiliated us they bought up by humiliation so hubris and they go on a financial showing of all gold you missed it left off the stage

gold coins are more expensive

For Gundlach the fault is in the system: There is not enough gold to cover the papers - but these are secured by gold. With this in mind, investors should not expect to become the owner of the precious metal with gold ETFs.

In this country, many investors have recently chosen another way to invest in gold: they have asked for gold coins on a large scale. This had caused many gold traders to have delivery difficulties. Because not only was the demand for physical gold higher than usual, on the other hand, a supply deficit caused additional problems. The corona crisis had caused supply shortages after gold mines in South Africa and various mines, for example, were temporarily closed as part of the containment measures.

editorship finanzen.net

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