Etikett: Oil Price

Battery Technology – don’t bet on lithium alone..

Battery Technology – don’t bet on lithium alone..Battery Technology – don’t bet on lithium alone..

Lithium is currently the material of choice to produce batteries in a whole range of devices where mobile energy is required, the most prolific of which being energy storage, mobile phones and battery-powered electric vehicles. But what is the risk of lithium being usurped by an alternative material? Battery Technology – don’t bet on lithium alone..

The realities of lithium as an investment

There is huge investor interest in lithium and more broadly in battery/mobile energy technology at the moment, the question is raised in almost all meetings I have with clients who are looking for ways to invest in the industry. Investors are looking to future-proof their portfolios. Lithium is a growing technology with great potential future prospects while theoretically providing a form of hedge against the expected secular decline in the oil industry, which is facing the risk of cannibalisation from the rise of electric vehicles.

The caveat to this success of lithium

The caveat to this success of lithium is that it won’t be a direct path to success for varied reasons:

  • Electrical grid infrastructure – Currently the electricity grid does not have the required capacity to accommodate this change. According to the Green Alliance most residential streets do not have capacity for more than 6 cars to be charged at any time and as such would require significant infrastructure upgrades.
  • Affordability – The average cost of a car is US$24,000, with the cheapest electric car being $33,000, therefore despite the falling costs it still has a long way to go before it can properly compete with internal combustion cars.
  • The internal combustion engine –Electric vehicles are not only being challenged on price, significant improvements are being made with the internal combustion engine. The “thermal efficiency” of most petrol engines currently peaks at 25%, with a theoretical maximum of 50%, giving significant scope for efficiency gains. The latest battery packs are priced at US$350/kWh, while internal combustions engines are priced at around US$100/kWh. Costs have been falling rapidly for batteries but there is still a fair way for them to go for them to compete.

  • Despite all the news of battery supply problems at Tesla, lithium prices are 10% above the 90th percentile of the cost curve suggesting in the short term there is potential for a price correction.
  • Rare earth metals are commonly used in lithium battery production, and supply squeezes are common due to supply being highly concentrated in politically volatile countries. Additionally, child labour has been used in the past and raises questions about their suitability in today’s more ethical portfolios.
  • There is no futures market and no exchange for lithium; most deals are done between producers and manufacturers directly.
  • Lithium equities also do not have a particularly good correlation to the lithium carbonate price, and in fact have a much closer correlation to the oil price.

  • There are other competing battery technologies that could quickly unseat lithium as the material of choice. We have summarised the key battery technologies currently being researched or developed that pose a potential threat to lithium.

Hydrogen fuel cells

Hydrogen fuel cells have been in use for some time in varied forms, led by Japan where their use in vehicles has been met with mixed success. It is a very common element and on a per joule of energy basis, a hydrogen car will go further than a lithium car.

The biggest challenge so far has been capturing and storing hydrogen. In the US there are currently only 35 commercial hydrogen refuelling stations.

Due to these infrastructure constraints they are typically confined to public vehicle use, rolling out infrastructure for personal vehicles would be time consuming and expensive. Hydrogen powered vehicles are in development by some of the leading car manufacturers but there are unlikely to be popular until the infrastructure is in place.

Magnesium solid-state

Magnesium batteries have been commercialised as primary batteries, and are an active topic of research for secondary (rechargeable) batteries. Magnesium batteries offer inflammable batteries with a higher energy density than lithium ideal for cars where safety and mileage are paramount. Magnesium is also a widely traded, abundant material but so far it hasn’t found success as a rechargeable battery. The biggest challenge for magnesium has been making a solid-state rechargeable battery, but the Berkeley Lab Joint Centre for Energy Storage Research has recently discovered the fastest magnesium-ion solid-state conductor – a major step towards making rechargeable batteries a reality. However, it has a long way to go before a battery is likely to be produced.

Lithium Sulphur

Lithium Sulphur batteries could have 40% higher energy density than the lithium-manganese and the lithium-cobalt batteries we use today. Their wider use would also help the problem of producers having to source rare earth metals such as cobalt and manganese from politically unstable countries and likely reduce costs for consumers. The key issue for lithium-sulphide batteries is the extra mass required for a conducting agent and the risk of an irregular discharge leading to safety concerns.

Battery technology opportunities come in various forms

While lithium the metal is difficult to invest in and lithium equities do not accurately track the lithium price, there may be some indirect opportunities. Currently normal internal combustion engine cars use 20kg of copper, hybrids use 40kg and electric vehicles use 80kg, primarily in the wiring harnesses that transmit power to the drivetrains, the drivetrain themselves and the battery.

We believe that lithium technology, despite its potential for success is risky due to the potential for it being usurped by one of the aforementioned battery technologies. We remain convinced that mobile energy storage is likely to be a booming industry in the coming decades but the best approach may be to consider a wide range of technologies that can deliver mobile energy storage.

If the electric vehicle market rises to 140m cars by 2035, then this equates to around one third of total copper demand According to BHP Billiton (www.bhp.com 31st October 2017). The upgrading of the electricity grid infrastructure will require much more infrastructure spend, likely to further increase copper demand.

James Butterfill, Head of Research & Investment Strategy at ETF Securities

James Butterfill joined ETF Securities as Head of Research & Investment Strategy in 2015. James is responsible for leading the strategic direction of the global research team, ensuring that clients receive up-to-date, expert insight into global macroeconomic and asset class specific developments.

James has a wealth of experience in strategy, economics and asset allocation gained at HSBC and most recently in his role as Multi- Asset Fund Manager and Global Equity Strategist at Coutts. James holds a Bachelor of Engineering from the University of Exeter and an MSc in Geophysics from Keele University.

Energy Wars: Oil Price, Where Next?

Energy Wars: Oil Price, Where Next?

Webinar Invitation – Energy Wars: Oil Price, Where Next?

Register to attend ETF Securities’ upcoming webinar

Date: 22 October 2015 | Time: 2.00 pm (BST) | Duration: 50 minutes

Guest Speaker: Richard Mallinson, Geopolitical Analyst

Summary – Energy Wars: Oil Price, Where Next?

As part of our “Energy Wars” series we welcome Richard Mallinson, a leading geopolitical analyst at Energy Aspects to join Nitesh Shah, our in-house commodities specialist, to discuss where next for the oil price.

Low oil prices have stimulated demand growth and sharp capex cuts. US tight oil production is beginning to decline, but output is still rising elsewhere and the market remains oversupplied. The debate is now focussed on how quickly the oil market will rebalance, which depends on both the impact of lower upstream investment and the trajectory for demand.

OPEC members and other producer nations such as Russia are feeling the strain from lower oil revenues. A change in OPEC policy appears unlikely, but low prices are fuelling geopolitical risks, particularly in the already troubled Middle East region.

Our upcoming webinar will answer the following questions:
•    What impact will cuts to capex have on future supply?
•    How are OPEC members and other producer nations coping with lower oil and gas revenues? Where are the key geopolitical risks?
•    What is the outlook for global demand?

Speaker Biographies

Richard Mallinson, Geopolitical Analyst, Energy Aspects

Richard leads analysis of geopolitics and global energy policy at Energy Aspects, where he is also a founding partner. He is a specialist on the MENA region, and follows developments in Libya, Iran and Iraq particularly closely.

Prior to joining Energy Aspects, Richard spent more than six years working as a government policy advisor. He regularly provides media comment on geopolitical events and energy markets and has published several papers with the Oxford Institute of Energy Studies. Richard holds a BA in Politics and International Studies from the University of Warwick.

Mr. Maugeri holds two degrees (Political Science and Economics) and a Ph.D. in international economics.

Nitesh Shah, Research Analyst, ETF Securities   

Nitesh is a Research Analyst at ETF Securities. Nitesh has 12 years of experience as an economist and strategist, covering a wide range of markets and asset classes. Prior to joining ETF Securities, Nitesh was an economist covering the European structured finance markets at Moody’s Investors Service and was a member of Moody’s global macroeconomics team.

Before that he was an economist at the Pension Protection Fund and an equity strategist at Decision Economics. He started his career at HSBC Investment Bank. Nitesh holds a Bachelor of Science in Economics from the London School of Economics and a Master of Arts in International Economics and Finance from Brandeis University (USA).

For more information contact:

Juan Jose Sanchis
ETF Securities (UK) Limited
T +44 (0) 207 448 4375
E juanjose.sanchis@etfsecurities.com

Important Information

This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the ”FCA”).

This communication is only targeted at qualified or professional investors.

The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.

This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.

This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective, officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.

ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction.  No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
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Energy Wars: Oil Price, Where Next?

Energy Wars: Oil Price, Where Next?

Energy Wars: Oil Price, Where Next?

Webinar Invitation Energy Wars

Register to attend ETF Securities’ upcoming webinar:

Energy Wars: Oil Price, Where Next?

Date: 24 September 2015 | Time: 9.30 am (BST) | Duration: 50 minutes

Guest Speaker: Leonardo Maugeri, Senior Fellow at Harvard University

Click here to register for webinar

Summary

As part of our “Energy Wars” series we welcome Leonardo Maugeri, one of the world’s foremost experts on oil, gas and energy  to join Nitesh Shah, our in-house commodities specialist, to discuss where next for the oil price.

Oil prices continue to decline as the market grapples to understand the true state of global supply. With OPEC refusing to cut production and US shale producers pumping at near-record levels, many believe the market will be oversupplied for many years. However, with a significant number of capex reductions being announced across the global oil industry, the debate is focused on how extensive are the cuts, when will they occur and what impact will they have on supply.
There is a fear that slower growth in China could impact global demand and exacerbate the current oil market surplus and in turn put further weight on prices. So understanding China’s demand for oil is another key part of identifying the future direction of oil price.

Our upcoming webinar will answer the following questions:

Cuts to capex have been announced, but will they happen and when? And what will be the impact on supply?
Do these capex cuts impact OPEC and shale producers in the same way or will they tilt the ongoing energy wars one way or the other?
What is happening to global demand?

Speaker Biographies

Leonardo Maugeri, Senior Fellow, Harvard University

Leonardo Maugeri is currently a Senior Fellow with the Geopolitics of Energy Project and the Environment and Natural Resources Program at the Harvard Kennedy School’s Belfer Center for Science and International Affairs.

He has been one of the most distinguished top managers of Eni (the giant Italian giant oil & gas, ranked 6th among the largest international oil companies), where he held the positions of Senior Executive Vice President of Strategies and Development for about ten years (2000–2010), and eventually Executive Chairman of Polimeri Europa, Eni’s petrochemical branch (March 2010-June 2011). Maugeri is also well-recognized worldwide for his books and seminal articles about energy, as well as for his part-time activity as a lecturer in some of the most prestigious universities and think-tanks.

Mr. Maugeri holds two degrees (Political Science and Economics) and a Ph.D. in international economics.

Nitesh Shah, Research Analyst, ETF Securities

Nitesh is a Research Analyst at ETF Securities. Nitesh has 12 years of experience as an economist and strategist, covering a wide range of markets and asset classes. Prior to joining ETF Securities, Nitesh was an economist covering the European structured finance markets at Moody’s Investors Service and was a member of Moody’s global macroeconomics team. Before that he was an economist at the Pension Protection Fund and an equity strategist at Decision Economics. He started his career at HSBC Investment Bank. Nitesh holds a Bachelor of Science in Economics from the London School of Economics and a Master of Arts in International Economics and Finance from Brandeis University (USA).

For more information contact:

Peter Lidblom

ETF Securities (UK) Limited

T +44 (0) 207 448 8859

E peter.lidblom@etfsecurities.com

Important Information

This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the ”FCA”).

This communication is only targeted at qualified or professional investors.

The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.

This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.

This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective, officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.

ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction.  No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.

Proven Yield from Accessing US Energy Infrastructure

Proven Yield from Accessing US Energy Infrastructure

Despite ongoing oil price volatility, midstream MLPs have

Proven Yield from Accessing US Energy Infrastructure

Proven Yield from Accessing

US Energy Infrastructure

ETFS US Energy Infrastructure MLP

GO UCITS ETF

Factsheet  |  Brochure  |  Website

Despite ongoing oil price volatility, midstream master limited partnerships (MLPs) have surprised on the upside, increasing cash distributions by 2% in Q1 2015 and 15% YoY1.

Currently midstream MLPs offer about 5% annual yield2, an attractive rate in a world of near zero interest rates. The investment case for MLP Exchange Traded Products (ETPs) remains robust, with net inflows of US$1.7 billion so far in 20153.


MLPs have the potential to be a ’buy and hold’ solution for many investors. They deliver yield, distributed quarterly, and have shown resilience in the face of a volatile oil price, based on:

 

  • While crude oil is down 43% since peaking in June 2014, midstream MLPs are down just 6%4.
  • MLP capital expenditure growth in Q1 2015 has beaten research analysts’ estimates.
  • Merger and acquisition activity is expected to continue, potentially at an elevated pace, providing further stimulus for MLP share prices.

 

With the US continuing to pursue energy independence, we expect the shale oil revolution in the US to continue over the long term, whatever OPEC does in the near term.

 

Strong Distribution Growth Continues for Midstream MLPs

* Total quarterly distributions in US$ from the current underlying constituents in Solactive US Energy Infrastructure MLP Index over the last seven years, from April 2008 to March 2015. Source: ETF Securities.

ETFS US Energy Infrastructure MLP GO UCITS ETF
  • Midstream focus: First European listed ETF focused on ’the midstream’ MLP segment
  • Favourable tax treatment with no taxation at a corporate level. The fund itself is not subject to US dividend withholding and is therefore 100% exposed to the index performance
  • Transparent and robust ETF structure with intraday liquidity
  • Competitive pricing, with lowest TER among European MLP ETFs (as of 21 April 2015)

Download Brochure (.pdf)


ETFS US Energy Infrastructure MLP GO UCITS ETF is listed on LSE, Borsa Italiana, Deutsche Börse and SIX.

 

1. Measured by the Solactive US Energy Infrastructure MLP Index between 31 March 2014 – 31 March 2015

2. Measured by the difference of the Solactive US Energy Infrastructure MLP TR Index and Solactive US Energy Infrastructure MLP PR Index between 12 May 2014 – 12 May 2015

3. Source: ETF Securities calculation of global MLP ETPs flows during the period 1 January 2015 – 6 May 2015

4. Crude oil measured by front month WTI crude oil futures and midstream MLPs by the Solactive US Energy Infrastructure MLP Index between 20 June 2014 – 12 May 2015

 

For more information contact:

Peter Lidblom

ETF Securities (UK) Limited

T +44 (0) 207 448 8859

E peter.lidblom@etfsecurities.com

Important Information

This communication has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited which is authorised and regulated by the United Kingdom Financial Conduct Authority.

Investments may go up or down in value and you may lose some or all of the amount invested.  Past performance is not necessarily a guide to future performance. The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities nor shall any securities be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of such jurisdiction. This communication should not be used as the basis for any investment decision. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances.

The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the
purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument.

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What happens when fundamentals reassert themselves over sentiment?

What happens when fundamentals reassert themselves over sentiment?

What happens when fundamentals reassert themselves over sentiment?

Register for this upcoming webinar, jointly hosted by ETF Securities and Roubini Global Economics

23 June 2015

 

Webinar Invitation

Register for this upcoming webinar, jointly hosted by

ETF Securities & Roubini Global Economics:


What happens when fundamentals reassert themselves over sentiment?

Register for the webinar

Date: Thursday 2 July 2015 | Time: 2 pm (BST)| Duration: 45 minutes

 

Guest Speaker: Sheryl King, Senior Director, Roubini Global Economics


Hosts: Nitesh Shah and Martin Arnold – Research, ETF Securities

Summary

 

We are joined by New York-based Sheryl King, Senior Director, Roubini Global Economics to explore what may happen in bond and equity markets when prices realign with fundamentals. Nitesh Shah and Martin Arnold, our in-house analysts will answer the same question from the perspective of the commodity and foreign exchange markets.

For a while now prices and yields have regularly departed from macro fundamentals and been driven more by the vagaries of sentiment. We are now seeing largely sentiment-driven bond market volatility spreading into other asset classes.

Examples include:

  • Recent sell-off in Bunds, which had little to do with economic surprises and more to do with potential easing of regulatory constraints that had led them to be over-bought
  • Oil price gains since March have run ahead of any material supply tightening, while overly bearish sentiment in industrial metals does not tally with the prospects for supply tightening.
  • Rapidly changing risk on and risk off sentiment is also impacting FX valuations.

In this webinar, we present the highlights from our joint Q3 Outlook, due to be published at the end of June, and will answer questions to help investors navigate an ever more complex and fast changing world.

 


Participation qualifies for 45 minutes of CPD credit

Learn more about the continuing professional development

program.

Register for the webinar

Speaker Biographies

Sheryl King, Senior Director of Global Country Research, Roubini Global Economics 

Most recently, Sheryl was chief economist and strategist at Bank of America Merrill Lynch Canada, where she covered the Canadian and U.S. economies, along with the fixed-income and equity markets. Prior to that, she served as assistant chief economist at Merrill Lynch, where she headed the U.S. economics team overseeing its macro forecasting and leveraging her expertise on the equity and fixed-income markets. Sheryl was also the U.S. macro forecaster at TD Bank and served as the bond and currency strategist for TD Securities. Earlier in her career, she spent eight years working at the Bank of Canada. Sheryl has considerable on-air and print media experience and is a frequent guest columnist for the Globe and Mail. Bloomberg named her the top
sell-side macro forecaster for 2010. Sheryl is a member of the advisory board for the Center for Monetary and Financial Economics at Carleton University. She holds a Bachelor of Arts in economics from Concordia University (Montreal) and a Master of Arts in economics from Carleton University (Ottawa).

Nitesh Shah, Research Analyst, ETF Securities 

Nitesh is a multi-asset Research Analyst at ETF Securities covering many markets from commodities to Chinese macroeconomics. Nitesh has 12 years of experience as an economist and strategist, covering a wide range of markets and asset classes. Prior to joining ETF Securities, Nitesh was an economist covering the European structured finance markets at Moody’s Investors Service and was a member of Moody’s global macroeconomics team. Before that he was an economist at the Pension Protection Fund and an equity strategist at Decision Economics. He started his career at HSBC Investment Bank. Nitesh holds a Bachelor of Science in Economics from the London School of Economics and a Master of Arts in International Economics and Finance from Brandeis
University (USA).

Martin Arnold, Global FX & Commodity Strategist,

ETF Securities

Martin Arnold joined ETF Securities as a research analyst in 2009 and was promoted to Global FX & Commodity Strategist in 2014. Martin has a wealth of experience in strategy and economics with his most recent role formulating an FX strategy at an independent research consultancy. Martin has a strong background in macroeconomics and financial analysis – gained both at the Reserve Bank of Australia and in the private commercial banking sector – and experience covering a range of asset classes including equities and bonds. Martin holds a Bachelor of Economics from the University of New South Wales (Australia), a Master of Commerce from the University of Wollongong (Australia) and attained a Graduate Diploma of Applied Finance and
Investment from the Securities Institute of Australia.

For more information contact:

Peter Lidblom

ETF Securities (UK) Limited

T +44 (0) 207 448 8859

E peter.lidblom@etfsecurities.com
Important InformationThis communication has been provided by ETF Securities (UK) Limited (“ETFS UK”). ETFS UK is authorised and regulated by the United Kingdom Financial Conduct Authority (the “FCA”).This communication is only targeted at qualified or professional investors.The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.

This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective, officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.

ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.

While this communication is made by ETFS UK, certain content has been produced and provided for ETFS UK by Roubini Global Economics, LLC (“RGE”). RGE is an independent, unaffiliated third party to ETFS UK. No forwarding, reprinting, republication or any other redistribution of this content is permissible without the express consent of RGE and ETFS UK. RGE and ETFS UK reserve the right to enforce their respective copyrights and pursue any such other action as they deem appropriate in respect of any such unauthorised use, republication or redistribution of this communication.

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