Kore Merkez Bankas\u0131 (Bank of Korea), ABD Menkul K\u0131ymetler ve Borsa Komisyonu\u2019na (SEC) yapt\u0131\u011f\u0131 bildirimde, ikinci \u00e7eyrekte SPDR Gold Trust ETF\u2019inden 679.765 adet hisse sat\u0131n ald\u0131\u011f\u0131n\u0131 a\u00e7\u0131klad\u0131. Pozisyonun de\u011feri haziran sonu itibar\u0131yla 354,5 milyar won (250,41 milyon dolar) olarak hesapland\u0131. SPDR, k\u00fcresel \u00f6l\u00e7ekte en b\u00fcy\u00fck alt\u0131n teminatl\u0131 fon konumunda ve k\u00fcl\u00e7eleri New York ile Londra\u2019da sakl\u0131yor; ancak ETF sahipli\u011fi fizik\u00ee metal yerine fon pay\u0131 ta\u015f\u0131mak anlam\u0131na geliyor ve fiyat, fonun i\u015fleyi\u015f mekanikleri nedeniyle k\u00fcl\u00e7e alt\u0131ndan ayr\u0131\u015fabiliyor. Haberde ayr\u0131ca kar\u015f\u0131 taraf riskinin, bir i\u015flemin di\u011fer taraf\u0131n\u0131n y\u00fck\u00fcml\u00fcl\u00fcklerini yerine getirememesi ihtimali oldu\u011fu belirtilirken, ETF\u2019lerin operasyonel, saklama (custodial) ve eri\u015fim riskleri ekleyebilece\u011fi savunuluyor.<\/p>\n
Ayr\u0131 olarak G\u00fcney Kore, yurt i\u00e7inde \u00fcretilen alt\u0131n\u0131n uluslararas\u0131 spot fiyatlardan sat\u0131n al\u0131nmas\u0131na y\u00f6nelik bir \u00e7er\u00e7eve ortaya koydu. Bu yap\u0131da i\u015flemlerin kolayla\u015ft\u0131r\u0131lmas\u0131nda Korea Exchange (Kore Borsas\u0131) ve Korea Securities Depository (Kore Menkul K\u0131ymetler Deposu) rol al\u0131rken, uygun metalin tedarikini LS MnM ile Korea Zinc sa\u011flayacak. S\u00f6z konusu \u00fcreticiler y\u0131ll\u0131k 4-5 ton \u00fcretim ger\u00e7ekle\u015ftiriyor; yetkililer, piyasa ve rezerv y\u00f6netimi ko\u015fullar\u0131 elveri\u015fli oldu\u011funda merkez bankas\u0131n\u0131n bu \u00fcretimin bir k\u0131sm\u0131n\u0131 sat\u0131n alaca\u011f\u0131n\u0131 belirtiyor. D\u00fczenleme; won cinsinden takasa, alt\u0131n\u0131n G\u00fcney Kore\u2019de depolanmas\u0131na imk\u00e2n tan\u0131yor ve \u00fclkenin toplam alt\u0131n varl\u0131\u011f\u0131n\u0131n 104 tonun biraz \u00fczerinde\u2014toplam rezervlerin yakla\u015f\u0131k %1,1\u2019i\u2014oldu\u011fu bir d\u00f6nemde devreye giriyor. Alt\u0131n rezervlerinde son art\u0131\u015f\u0131n 13 y\u0131l \u00f6nce yap\u0131ld\u0131\u011f\u0131, varl\u0131klar\u0131n b\u00fcy\u00fck k\u0131sm\u0131n\u0131n ise Londra kasalar\u0131nda tutuldu\u011fu ifade ediliyor.<\/p>\n
Merkez bankalar\u0131n\u0131n alt\u0131n piyasas\u0131na yakla\u015f\u0131m\u0131nda \u00f6nemli bir de\u011fi\u015fim g\u00f6r\u00fcyoruz; bunun \u00f6ne \u00e7\u0131kan \u00f6rneklerinden biri, Kore Merkez Bankas\u0131\u2019n\u0131n SPDR Gold Trust\u2019ta 679 bini a\u015fk\u0131n pay al\u0131m\u0131. Bu \u201ck\u00e2\u011f\u0131t alt\u0131n\u201d al\u0131m\u0131 k\u0131sa vadede likidite sa\u011flasa da, merkez bankas\u0131n\u0131n yurt i\u00e7i fizik\u00ee alt\u0131na ge\u00e7i\u015f plan\u0131, k\u00e2\u011f\u0131t varl\u0131klara y\u00f6nelik artan g\u00fcvensizli\u011fi \u00f6ne \u00e7\u0131kar\u0131yor. Bu tablo, mali istikrars\u0131zl\u0131\u011fa kar\u015f\u0131 korunma amac\u0131yla merkez bankalar\u0131n\u0131n her y\u0131l d\u00fczenli bi\u00e7imde 1.000 tonun \u00fczerinde fizik\u00ee alt\u0131n ald\u0131\u011f\u0131 daha geni\u015f k\u00fcresel e\u011filimle de \u00f6rt\u00fc\u015f\u00fcyor.<\/p>\n
T\u00fcrev i\u015flemler yapanlar a\u00e7\u0131s\u0131ndan, k\u00e2\u011f\u0131t g\u00f6stergelerden (proxy) fizik\u00ee metale olas\u0131 bu ge\u00e7i\u015f, \u00f6n\u00fcm\u00fczdeki haftalarda \u00f6zg\u00fcn i\u015flem f\u0131rsatlar\u0131 yaratabilir. Egemen al\u0131c\u0131lar\u0131n nakd\u00ee uzla\u015fma yerine fizik\u00ee teslimat talep etmesiyle, fizik\u00ee alt\u0131n\u0131n k\u00e2\u011f\u0131t t\u00fcrev \u00fcr\u00fcnlere g\u00f6re priminin geni\u015flemesini bekliyoruz. Bu yap\u0131sal d\u00f6n\u00fc\u015f\u00fcm h\u0131zland\u0131k\u00e7a, yat\u0131r\u0131mc\u0131lar\u0131n alt\u0131n vadeli kontratlar\u0131 ile fizik\u00ee spot fiyatlar aras\u0131ndaki arbitraj f\u0131rsatlar\u0131n\u0131 de\u011ferlendirmeye haz\u0131rlanmas\u0131 gerekti\u011fi belirtiliyor.<\/p>\n
K\u00fcresel alt\u0131n fiyatlar\u0131 ons ba\u015f\u0131na 2.500 dolar\u0131n \u00fczerinde g\u00fc\u00e7l\u00fc seyrini korurken, altta yatan talep \u00f6nemli \u00f6l\u00e7\u00fcde egemen bilan\u00e7olar taraf\u0131ndan destekleniyor. Son piyasa verileri, merkez bankas\u0131 al\u0131mlar\u0131n\u0131n k\u00fcresel alt\u0131n talebinin \u00e7ok b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturmaya devam etti\u011fini ve kal\u0131c\u0131 bir yukar\u0131 y\u00f6nl\u00fc bask\u0131 yaratt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu s\u00fcregelen egemen birikimi yakalamak i\u00e7in, alt\u0131n opsiyonlar\u0131nda artan oynakl\u0131\u011fa kar\u015f\u0131 uzun vadeli al\u0131m (call) opsiyonlar\u0131na odaklanarak pozisyonlanma \u00f6neriliyor.<\/p>\n
K\u00e2\u011f\u0131t ETF\u2019lerin bar\u0131nd\u0131rd\u0131\u011f\u0131 kar\u015f\u0131 taraf riskleri, jeopolitik \u015foklara kar\u015f\u0131 bu ara\u00e7lara y\u00f6nelik kurumsal g\u00fcvenin olduk\u00e7a k\u0131r\u0131lgan oldu\u011fu anlam\u0131na geliyor. B\u00fcy\u00fck kurumlar\u0131n k\u00e2\u011f\u0131t pozisyonlar\u0131n\u0131 fizik\u00ee alt\u0131na d\u00f6n\u00fc\u015ft\u00fcrmek \u00fczere ani bir hamlesi, vadeli i\u015flemler piyasas\u0131nda likidite s\u0131k\u0131\u015fmas\u0131na yol a\u00e7abilir. Bu nedenle, fizik\u00ee teslimat talebinde ani s\u0131\u00e7ramalara kar\u015f\u0131 korunmak i\u00e7in opsiyon spread\u2019leriyle pozisyonlar\u0131n hedge edilmesi tavsiye ediliyor.<\/p>\n\n\n\n
Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":" Kritik hamle: Kore Merkez Bankas\u0131, Q2\u2019de SPDR Gold Trust\u2019tan 679.765 pay al\u0131p 250 milyon $\u2019l\u0131k \u201ck\u00e2\u011f\u0131t alt\u0131n\u201d pozisyonu a\u00e7t\u0131; e\u015fzamanl\u0131 yerli fizik\u00ee al\u0131m \u00e7er\u00e7evesiyle ETF risklerinden ka\u00e7\u0131\u015f sinyali veriyor.<\/p>\n","protected":false},"author":87,"featured_media":50093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-53342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t