Gold Miner ETF (GDX) Hits New 52-Week High
For investors seeking momentum, VanEck Gold Miners ETF GDX is probably on the radar. The fund just hit a 52-week high and has moved up 65.8% from its 52-week low of $32.84 per share. Are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:GDX in FocusMarket Vectors Gold Mining ETF offers exposure to companies involved in the gold mining industry. Canada firms make up 43.3% of the portfolio, while U.S. and Australia firms take the next spots with 16% and 11.7% share, respectively. GDX charges just 51 bps in fees and expenses (see: all the Materials ETFs here).Why the MoveThe gold mining sector of the broad stock market has been an area to watch lately, given the rally in the metal’s price. Escalating tensions between Israel and Iran raised the appeal for safe-haven demand. The yellow metal serves as a hedge against market turmoil and is often used as a means of preserving wealth during times of financial and political uncertainty, typically performing well when other asset classes struggle.More Gains Ahead?GDX has a weighted alpha of 69.36 and a 20-day volatility of 30.84%, which shows that there is still some promise for investors who want to ride on this surging ETF. Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report VanEck Gold Miners ETF (GDX): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
Quelle: Zacks
