Analyse: ZKB Platinum ETF CHF (CHF)

Der geringen Korrelation zu Aktien und Bonds stehen zyklische Preismuster entgegen.

Ben Johnson 05.04.2012

Rolle im Portfolio

Platinum has historically demonstrated low- to negative- correlations with equity and fixed income securities, making it a potentially attractive portfolio diversifier. However, the platinum price has in the past exhibited a large degree of volatility and is intrinsically more cyclical than the gold price, given its widespread use in industry in general and autos in particular. An investment in platinum should be approached with caution. The metal’s volatility may create tactical trading opportunities at various points during an economic cycle, while its low correlation with other asset classes and potential inflation-hedging characteristics may make it suitable for a portion of a broader long-term commodity allocation.

Fundamentale Analyse

Over the 10 year period ending February 29, 2012, an investment in platinum greatly outperformed both equities (as represented by the MSCI World Index) and bonds (as measured by the BarCap Global Aggregate Index)--albeit with a much higher degree of volatility. Platinum lagged gold and silver over this same period, largely because of a sharp cyclical contraction in demand spanning the 2008-2009 period.

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Über den Autor

Ben Johnson  Ben Johnson is Morningstar’s Director of European ETF Research.

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