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투자를 위한 최고의 금 ETF 5선
새 사상 최고치를 경신하는 금
Since the end of the convertibility of gold into US dollar (USD) in 1971, there have been two gold bull markets in the 1970s and 2000s. And we might be in the midst of a new one, especially with the very strong run in gold in 2024.
각 금 상승기의 주요 동인은 경제에 대한 우려와 전 세계 금융 시스템에서 미국 달러(USD)의 지배력이 지속되는 것에 대한 걱정이었습니다.
이것이 현재 금 강세장을 다시 일으키는 원인이며, 미국 정부가 사상 최대 규모로 부채를 늘리고 있기 때문입니다. 동시에 금리 상승도 병행하면서 이자 지급액이 사상 처음으로 1조 달러를 넘어섰습니다.
참고로 이는 미국 국방 예산보다도 큰 규모이며, 전 세계 군사 지출의 40%에 해당합니다.
The new Trump administration, including the now very influential Elon Musk, has expressed concerns about this situation.
“We do have an opportunity to do kind of a once-in-a-lifetime deregulation and reduction in the size of government. Because the other thing besides the regulations, America is also going bankrupt extremely quickly, and… everyone seems to be sort of whistling past the graveyard on this one.” – Elon Musk
As gold has historically been a reserve currency without counterparty risk, it is often seen as a safe haven in times of financial uncertainty.
An excellent way to gain exposure to gold is to invest in gold miners, as this is equivalent to buying not only the current production but also the mineral reserves still in the ground.
왜 금 ETF에 투자해야 할까
Gold mining has excited imagination and public greed since the dawn of civilization, as illustrated by expressions like gold rush, gold fever, golden opportunity, fool’s gold, etc.
하지만 금은 지구상에 매우 희귀하며, 가장 좋은 금 매장지조차도 채굴된 암석 1톤당 몇 그램에 불과합니다. 현지 정부의 개입 가능성 및 복잡한 지질 구조와 결합하면 금 채굴주에 투자하는 것은 수익성만큼 위험하기도 합니다. 예를 들어, 2024년 11월, 금 채굴 기업 Resolute Mining의 경영진이 세금 분쟁으로 말리 정부에 구금돼 주가가 급락했습니다.
수십 개의 금 채굴주에 한 번에 노출될 수 있는 간편한 금융 상품을 제공함으로써, 금 ETF는 이러한 위험을 분산시키는 데 도움이 됩니다.
금에 초점을 맞춘 상장지수펀드(ETF)
*Note: Metrics are provided in USD and were accurate at the time of writing.*
1. SPDR Gold Trust
By far the largest gold ETF, SPDR differs from others as it does not hold stock but actual gold. The trust owns 877 tons of gold or as much gold reserve as major countries like India or Japan.
가치가 750억 달러에 달하는 이 펀드는 가장 유동성이 높은 금 ETF 신탁으로, 투자자가 GLD를 구매할 때 지불하는 가격과 현물 금 가격 사이의 차이가 매우 적습니다. 이는 실제 물리적 금(예: 금괴나 금화)보다 낮은 프리미엄을 제공할 수 있습니다.
ETF 규모가 크기 때문에 관리 수수료가 매우 낮으며, 비용 비율은 단 0.40%에 불과합니다.
So this is the closest investors can do to directly own gold without taking physical delivery. However, it does not provide any yield, as it is not an investment in productive companies’ stocks. It also does not provide any leverage against gold prices.
2. VanEck Gold Miners ETF
This is one of the largest gold ETFs focused on gold miners, with $14.3B of assets under management. It has a low net expense ratio of only 0.51%.
Its top 3 holdings are among the largest gold miners in the world: Newmont (NEM ), Agnico Eagle (AEM ), and Barrick Gold (GOLD ).
This is followed by two of the largest gold royalties gold companies, Franco Nevada (FNV ) and Wheaton Precious Metal (WPM ). Royalties companies are financial companies providing non-dilutive investment to mining companies, in exchange for a percentage of future production on a mining site.
출처: VanEck
The rest of the ETF’s top holdings are other large gold mining companies like Kinross Gold (KGC ), or AngloGold Ashanti (AU ).
This makes the GDX ETF a good ETF for getting exposure to the top gold companies in the world, including a focus on the largest miners and best jurisdictions in the world.
3. VanEck Junior Gold Miners ETF
While established large gold miners are overall safer, they are also generally priced accordingly. On the contrary, junior miners, a term used for mining companies that have yet to start production, are more speculative and risky.
This is because a lot can go wrong in the 10+ years between the start of a mining project and first production: environmental permitting can be refused, actual geology might prove less good than expected, inflation can cause construction costs to explode beyond expectation, more capital might need to be raised, diluting existing shareholders, etc.
If the gold prices keep rising while junior miners are building up their mines, this could prove very profitable, as investors will have bought them early at a discounted price. But of course, if gold prices crash, the newly started mines might be unprofitable, which can severely damage their stock prices.
So in many ways, gold miners and ETFs like GDXJ are sort of a leveraged bet against gold price.
Contrary to investment in individual juniors, the ETF provides a diversified exposure to smoothen out individual failures.
Like most VanEck ETFs, net expenses fees are rather low at 0.52%.
Maybe a little surprisingly considering its name, GDXJ’s top holdings include a few not-so-junior gold & silver companies that are developing new projects, for example:
- Pan American Silver Corp (PAAS ), a company that produced 20.4 Moz (Million ounces) of silver and 882 Koz (thousands of pounds) of gold in 2023. It has however major exploration projects in Mexico and Guatemala, sort of qualifying it as a junior.
- Alamos Gold (AGI ) has a production of 570 Koz of gold and has multiple exploration-stage projects in Canada and the USA.
Overall, the holding of growth-focused smaller active gold miners means that despite its name, GDXJ is more a mid-way between a mature large gold miner ETF like GDX and an ETF fully dedicated to junior miners.
4. Sprott Junior Gold Miners ETF
This ETF is much more than GDXJ, which is an actual junior gold miner ETF. Its total fees are 0.5%.
The ETF’s top 5 holdings, representing 32.61% of the total assets, are:
- Bumi Resources Minerals Tbk PT (BRMS.JK ) (11.13% of the ETF’s assets), an Indonesian miner bringing together all the non-coal mines of the larger BUMI Group.
- Westgold Resources (WGX.AX ) (5.59%), an Australian gold miner building a 400+ Koz gold mine.
- New Gold (NGD ) (5.56%), a Canadian gold miner with 2 assets in Ontario and British Columbia, has started production and is still ramping up.
- Artemis Gold (ARGTF ) (5.18%), a Canadian gold miner developing the Blackwater mine in British Colombia, with the first ore produced in 2024년 11월,
- Centamin (CEY.L ) (5.15%), an Africa-focused gold miner, with a flagship project in Egypt (the Sukari gold mine) and 3 other potential mines (1 in Egypt, 2 in Ivory Coast).
This ETF provides a much wider geographical diversity than others, with a presence in frontier markets like Indonesia or Africa that could feel too risky for most investors to make any direct investment.
By having most of the investments of the ETF only 2-5% of the total, this provides a very strong diversification.
It also capitalized on the experience, knowledge, and network of the Sprott Asset Management company, founded by the legend in mining investing Eric Sprott, worth $1.1B, who claims to hold 90% of his assets in gold and silver.
5. Franklin Responsibly Sourced Gold ETF
Mining, and gold mining in particular, can be done in not-so-ethical ways in many places in the world. While this is especially true for small-scale or illegal mining, established mining companies can also attract unwanted controversy at times due to poor governance.
This relatively recently established ETF aims to alleviate such concerns for gold investors, by guaranteeing that the gold held by the Franklin fund is only sourced from LBMA accredited refiners. As such, these refiners are required to demonstrate their efforts to respect the environment and combat money laundering, terrorist financing and human rights abuses in accordance with the LBMA’s Responsible Gold Guidance.
The fund is also optimizing it costs by sourcing the gold from the NYSE Arca gold market.
