Bridgewater sold its gold ETFs in the second quarter. According to the interim reports of E Fund Gold ETF, Bosera Gold ETF, and Huaxia Gold ETF, Bridgewater Fund "disappeared" from their top ten shareholders list.
All of Bridgewater's products appeared on the top ten shareholders list of the three gold ETFs for the first time in the first half of 2022, and held positions for two years until the second quarter of 2024.
As of the end of 2023, Bridgewater (China) Investment Management Co., Ltd. - Bridgewater All-Weather Enhanced Chinese Private Securities Investment Fund No. 3 held 82.6646 million shares of Huaxia Gold ETF, ranking second in terms of holdings. As of the end of June 2024, the interim report of Huaxia Gold ETF showed that Bridgewater Fund withdrew from the top ten shareholders list of the fund.
The semi-annual report of 2024 shows that as of the end of the second quarter, Bridgewater (China) Investment Management Co., Ltd. has exited the top ten shareholders' holdings details of E Fund Gold ETF and Bosera Gold ETF.
Since the beginning of this year, the rise of gold ETFs has reached 18%. Looking at the gold-related ETFs in the A-share market, as of September 3rd, more than 16.8 billion net inflows have been made into gold ETFs. Among them, Huaxia Gold ETF has attracted 6.5 billion, and more than 3 billion of funds have respectively flowed into Bosera Gold ETF and E Fund Gold ETF.
As market waits for new clues for interest rate cut, the gold price has declined slightly. Jun Rong Yeap, an analyst at IG, stated in a report that after reaching a record high recently, investors are awaiting a series of key economic data to be released this week, which will guide the debate on the scale and pace of the Federal Reserve's easing policy. The price may enter a short-term consolidation phase. For now, gold bulls may hope to see weak US economic data this week to confirm the Federal Reserve's future easing policy, but not too weak to rekindle concerns about an economic recession.
Bank of America's commodities strategy team believes that the gold price trend matches its original estimate and maintains the forecast of surpassing $3,000 per ounce next year. Bank of America's team published a report at the end of last year, estimating that the gold price could reach above $3,000 per ounce by 2025. The gold price has risen 21% so far this year, reaching a record high of over $2,500 per ounce. Bank of America stated that despite the lackluster trading performance, they are confident that the gold price will challenge the $3,000 mark in the next 12 to 18 months. The team believes that the driving force behind the future rise in gold price comes from non-commercial buying rather than commercial buying. The report points out that the inflow of funds into gold-backed exchange-traded funds (ETFs) has increased, and the rising settlement volume of the London Bullion Market Association (LBMA) reflects strong demand. Bank of America's rate strategy team pointed out that the possibility of a Fed rate cut could cause significant volatility in bond yields, which would also have a positive long-term effect on the gold price.