After a long period of accumulation, the gold reserves of global exchange-traded funds have risen to a record level. In recent weeks, the impact of the coronavirus crisis has further promoted the accumulation of gold reserves. According to preliminary statistics, the global gold ETF climbed to 2,573.9 tons on Monday, exceeding the previous peak set in 20 12. The background of this scene is that gold ETF has received capital inflows for four consecutive years, and the price of this traditional safe-haven asset is now close to the highest level since 20 13.

According to the data released by the Commodity Futures Trading Commission (CFTC) in the last week, the net long position of fund managers in gold futures is almost flat, but analysts said that they expect the fund enthusiasm to pick up. CFTC？ Collapse? According to the report, as of April 7, the net long position of fund managers in gold was 152482, which was not much different from that of the previous week. This figure reflects the difference between the total number of bullish (long) and bearish (short) contracts, and the net long position means that there are more bulls than shorts.

Phil Flynn, senior market analyst of Price Futures Group, said that he expected the Easter holiday fund to begin to return to the market, and fund managers paid attention to all fiscal and monetary stimulus measures to boost the economy and the market. He said that these measures supported gold.

Flynn said: We expect that these funds will come back as people return from vacation. I think you will see long positions begin to accumulate. ?

So far, the one-month net long position is quite stable. The net long position decreased from 238,546 in February of 65,438+08 to 65,438+054,079 in March of 65,438+07, and has been in a narrow range from 65,438+054,079 to 65,438+057,409 ever since.

George Gro, managing director of Royal Bank of Canada Wealth Management Company, also said that he expected the interest of market bulls to increase.

I expect more fluctuations. Gero said. ? But I predict that the fluctuation of gold price will appear at higher and higher prices. ?

He attributed this fluctuation to the subconscious reaction of the market that pays attention to the latest headlines.

In the last week of CFTC report, the price of gold rose sharply, although the future position was flat. As of the week covered by the latest CFTC report on April 7, the price of gold futures in June rose by 87. 10 to 1.683.70 USD/oz; In May, the price of silver rose by $65,438 +0.324 to $65,438 +05.48 per ounce.

Gero pointed out that gold has recently been driven by other types of investment flows, especially exchange-traded funds (ETFs), although the overall participation in the futures market is backward.

He said:? I think the reluctance you see in the futures market is the same as the reluctance you see in the long-term investment market.