Oxford Economics is a leader in global forecasting and quantitative analysis and a specialist in modelling. Visit QaurumSM for important disclosures about Oxford Economics’ data, as well as a detailed description of the available scenarios; the assumptions underlying and data used for each scenario; and its respective hypothetical impact on gold demand, supply and performance.
Mercer European Asset Allocation Insights 2020, August 2020
Refinitiv, How do ESG scores relate to financial returns, August 2020.
Gold and climate change: Current and future impacts, October 2019
An institutional investor holds and/or manages assets for clients in larger, pooled portfolios often represented as mutual funds, banks, brokerages, hedge funds, etc.
Willis Towers Watson, Global Pension Assets Study 2021 and Global Alternatives Survey 2017, July 2017.
Returns in Chinese RMB from 31 December 2000 to 31 December 2020.
See Chart 13 on p9 for more details behind the composition of the hypothetical Chinese insurance fund portfolio. Based on 2000 – 2020. In addition, refer to important disclaimers and disclosures at the end of this report.
January 1971 – December 2020.
During the gold standard, the US dollar was backed by gold, and the foreign currency exchange rates were dictated by the Bretton Woods System. In August 1971, the Nixon Administration announced the halt of the free conversion between the US dollar and gold catalysing the collapse of the gold standard and, subsequently, the Bretton Woods system.
For other return metrics and performance see Appendix II on page 17.
See Chart 18a, on page 15.
Based on average annual CPI changes for China as measured by the National Bureau of Statistics from December 2000 – December 2020.
Oxford Economics, The impact of inflation and deflation on the case for gold, July 2011.
Ibid footnote 10.
From December 2001 – December 2020. See the Demand and Supply section at Goldhub.com.
For more information please see The impact of monetary policy on gold and It may be time to replace bonds with gold.
Based on Au9999 from 1 December 2008 to 30 November 2009.
Based on the Au9999 in RMB from 12 June 2015 to 30 September 2015 and 31 January 2020 to 31 March 2020.
Analysis based on the re-sampled efficiency methodology developed by Richard and Robert Michaud and praised as a robust alternative to traditional mean-variance optimisation. See Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation, Oxford University Press, January 2008.
Gold as a tactical inflation hedge and long-term strategic asset, July 2009, July 2009.
Enhancing the performance of alternatives with gold, February 2018.
See: Gold: the most effective commodity investment, and Gold: metal by design, currency by nature, Gold Investor, Volume 6, June 2014.
For more information on the gold weight increases see: Major commodity indices will increase gold weightings for a second year in a row.
Gold: the most effective commodity investment, September 2019.
Average annualised returns in US dollars from January 1971to December 2020.
See Chart 22 p17.
The Greenhouse Gas Protocol, Ecoinvent database. Please see Gold and climate change: Current and future impacts and Gold and climate change: An introduction.
See Chart 13, p9.
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Calculation based on the CSI300 Index between 31 December 2019 and 31 December 2020. For more information about the index, please visit here.
Sector performances calculated between 31 December 2019 and 31 December 2020. For more information about different sectors, please visit herre
Based on daily data of the price-earnings ratio for the CSI300 Index and its 30 day rolling volatility between 31 December 2002 and 31 December 2020.
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For more information about China’s policy stance, please visit here.
Trade balance refers to a country’s exports’ value net of its imports value. China’s trade balance calculation based on dates between 31 December 2019 and 31 December 2020.
Calculation based on USD/CNY between 31 December 2019 and 31 December 2020, for more information about the foreign exchange rate.
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China’s interest rates refer to its 10-year Treasury yields
Calculation based on USD/CNY between 31 December 2019 and 31 December 2020, for more information about the foreign exchange rate please visit here.
For more information about the global economic recovery, please visit here.
Comparisons made among the CSI300 index, ChinaBond New Composite Index from ChinaBond valuation center, the CSI Chinese Commodities’ Index and the Shanghai Gold Exchange’s Au9999 in RMB between 31 December 2019 and 31 December 2020.
For more information about the ETF market in China and globally, please visit here.
For more information about the newly listed gold ETFs in China please visit here.
As of 2019, Ali-pay’s annual active users reached 900 million in China. As of 2019, Licaitong, WeChat’s wealth management platform, accumulated over 150 million users and WeChat itself has more than 1 billion monthly active users.
Calculations based on the daily trading volumes of Huaan Gold ETF, Bosera Gold ETF, Guotai Gold ETF and E-fund Gold ETF between 31 December 2019 and 31 December 2020.
Calculations based on Huaan Gold ETF’s daily trading volumes between 1 January 2020 and 31 December 2020.