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Gold ETF (IAU) Hits New 52-Week High
For investors seeking momentum, iShares Gold Trust (IAU - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up about 22.1% from its 52-week low price of $10.12 per share.
But 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 on where it might be headed:
IAU in Focus
IAU offers exposure to the day-to-day movement of the price of gold bullion and is backed by physical gold under the custody of JP Morgan Chase Bank in London. It has AUM of $8.1 billion and trades in solid volume of more than 7.8 million shares a day on average. The ETF charges 25 bps in annual fees (see: all the Precious Metal ETFs here).
Why the Move?
The precious metal space has been an area to watch lately given that volatility has again taken the front seat in the market. This is especially true as chances of United Kingdom leaving the European Union in the June 23 referendum are high and could roil the overall stock market. This has renewed worries about the health of the global economy and perked up demand for the yellow metal as a store of value and hedge against market turmoil. Additionally, reduced expectation for a rates hike anytime soon will keep the appeal of gold bullion alive in the coming months.
More Gains Ahead?
Currently, IAU has a Zacks ETF Rank of 3 or ‘Hold’ rating, so it is hard to get a handle on its future returns one way or the other. It seems that this fund might remain strong given a high weighted alpha of 11.10% and a mediocre 20-day volatility of 14.38%. As a result, there is still some promise for investors who want to ride on this surging ETF.
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