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Although gold prices are at present hovering near their all-time high in the Indian market, investors are heaping-up gold in their portfolio. But interestingly, it is not physical gold which they are heaping-up, instead it is Gold ETFs (GETFs), in which they are evincing interest into.
Ever since the worries of Euro zone debt crisis have gripped the global economy, investors in India too are taking refuge under the precious yellow metal (through GETFs) due to its trait of being a safe haven. This is clear depicted by the ascending trend of the chart above where Assets Under Management (AUM) of GETFs, have swelled from Rs 4,800 crore of AUM in April 2011, the AUM under GETFs have risen to Rs 10,312 crore.
We believe that the rising trend in GETFs indicates that wisdom is dawning upon investors in India, as they have shown preference to invest in gold the smart way.
We are of the view that exposure to gold (through GETFs) should be an integral part of one’s portfolio and can help in diversification. This is because of negative correlation which gold has with other assets like equity – especially during uncertain times. Given the gloom clouds surrounding the global economy due to the burgeoning debt crisis in the Euro zone and slump in economic growth across economies, we think that one should continue to invest in gold, as the secular uptrend appears intact. Yes, any temporary relief measures taken by the Euro zone, like the famous bailout packages may bring in some consolidation in the gold prices but unless a long term solution is chalked out by the Euro region, gold will continue to outperform other asset classes. In our view, one should always have a minimum of 5% – 10% allocation to gold and invest in it with a long- term investment horizon of 10 to 20 years.
If you do not wish to open a demat account, you can invest through a gold fund of fund (FoF). Such a fund just invests in the open-ended Gold ETF with the advantage of not needing a demat account.
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