Ray Jia

Research Head, China World Gold Council

China’s gold market in January: wholesale gold demand jumped, official gold reserves rose further

During the first month of 2024, wholesale gold demand in China jumped ahead of the Chinese New Year’s holiday in mid-February, recording the strongest January ever and lifting the local gold price premium. Meanwhile, the PBoC stretched their gold buying spree to 15 months and gold ETFs in the region once again attracted inflows.

Posted 1 week ago

Ray Jia

Research Head, China World Gold Council

日本の投資家、今こそ金をポートフォリオに組み入れる好機か

日本銀行のマイナス金利政策終了が近いという観測が強まり、日本国債の変動幅と利回りがともに拡大. 
日本国債は依然として、日本の投資家のポートフォリオにおける重要な戦略的資産だが、現在の状況を踏まえると、金は有効な補完資産になりうる.
ワールド ゴールド カウンシルの分析によれば、金を5%配分することにより、債券と株式に投資する日本のポートフォリオのパフォーマンスが改善する可能性がある.
 

Posted 4 months 4 weeks ago

Ray Jia

Research Head, China World Gold Council

The time may be right for gold in Japanese investors’ portfolios

Expectations for the end of the BoJ’s negative policy rate intensified

The BoJ relaxed its yield curve control (YCC) program in late July. Governor Ueda’s first surprise move since taking the wheel: he effectively doubled the YCC’s upper limit to 1%, while keeping the policy rate unchanged at -0.1%. This led to surges in both the 10-year JGB yield and its volatility. 

Posted 5 months ago

Ray Jia

Research Head, China World Gold Council

Shunto, stagflation and gold

The 2023 “Shunto” sent positive signals to Japanese employees regarding possible pay increases amid a backdrop of elevated inflation in the region. Shunto – the wage negotiations between major corporations and unions that take place every March – provides pay level guidance for all Japanese employers, large and small.

Posted 9 months 4 weeks ago