Japan bullion firm Tanaka

TOKYO (Reuters) Japan largest bullion house, Tanaka Kikinzoku, said on Tuesday canada goose uk black friday that its business has not been dented by the canada goose clearance launch of precious metals exchange traded funds as these target different canadian goose jacket investors from its customers.

Tanaka Canada Goose Parka Kikinzoku General Manager Osamu Ikeda speaks during the Reuters Investment Summit in Tokyo June 29, canada goose coats 2010. REUTERS/Yuriko Nakao

There are currently 10 precious metals ETFs listed buy canada goose jacket cheap on Japanese bourses and cross listed on foreign exchanges, and the country first ETFs backed by domestically stored physical precious metals are scheduled to be listed on the Tokyo Stock Exchange on July 2.

is canada goose store currently no impact to our business from these ETFs, Osamu Ikeda, General Manager at Tanaka Kikinzoku Kogyo, said at the Reuters Japan Investment Summit.

investing in ETFs are day traders looking to make profits in the short term, while our clients are canada goose uk outlet long term holders of physical metals, so the cheap canada goose uk target customer is slightly different.

Annual fees for ETF trading are 0.5 percent, 2018 goose jackets while selling or buying canada goose clearance sale at Tanaka is nearly 2 percent, so holders of ETFs may benefit if they trade within Canada Goose online four years, while physical metals buying is more favorable for long term holders, Ikeda said.

ETF trading is not particularly active canada goose uk shop in Japan and ETFs are not yet widely recognized by domestic investors, he continued.

Moreover, the way Japanese invest in financial products also helps set precious buy canada goose jacket metals backed canada goose factory sale ETFs and physical gold apart, Ikeda said. uk canada goose Japanese people canada goose coats on sale allocate more Canada Goose Coats On Sale than half of their assets to deposits, while investment in commodities remains extremely small.

is a means to supplement deposits. Precious metals ETFs and gold are seen as different products.

The Japanese attitude canada goose toward gold is in sharp contrast to investors in the United States and Europe who have turned to the metal as a hedge against financial system instability or an alternative to uk canada goose outlet currency, pushing up prices to record highs.

Gold hit a record peak of $1,264.90 per canada goose black friday sale ounce on June 21.

don expect Japanese investors to turn to gold because of a loss of confidence in their own currency, at least not as long as I live, said Ikeda, who is 54 years old.

the country huge budget deficit, Japanese people retain confidence in the country and the currency it issues.

Japanese investors Canada Goose Online also differ from their overseas peers in that they Canada Goose sale have been selling their gold holdings, particularly the older generation who had bought gold before prices started to plunge, though younger investors are becoming Canada Goose Jackets more interested https://www.canadagooseoutlete.com/ in precious metals, Ikeda said.

unique for Japan, a move that different from abroad. While people globally are buying gold, Japanese are selling, he said.

Japanese households rushed cheap Canada Goose in April to sell gold coins and jewelry to bullion dealers Canada Goose Outlet as retail prices hit a 27 year high in yen, signaling exports of the precious metal will continue as domestic sales remain soft.