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For investors seeking momentum, iShares MSCI Global Gold Miners ETF (RING - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 101.5% from its 52-week low price of $14.01 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:
RING in Focus
This ETF offers exposure to companies that derive the majority of their revenues from gold mining. It follows the MSCI ACWI Select Gold Miners Investable Market Index with Canadian firms taking half of the portfolio. The United States and South Africa round out the top three positions with double-digit exposure each. RING is the cheapest choice in the gold mining space, charging 39 bps in fees and expenses (see: all the Materials ETFs here).
Why the Move?
The gold mining sector has been an area to watch lately buoyed by investors’ flight to safety. This is especially true against the backdrop of global economic growth concerns triggered by the coronavirus outbreak and the collapse in oil price that has raised the appeal for the yellow metal as a great store of value and hedge against market turmoil. Additionally, the large fiscal and monetary stimulus led by governments and central banks around the world added to the strength. Acting as a leveraged play on the underlying metal prices, metal miners tend to experience more gains than their bullion cousins in a rising metal market.
More Gains Ahead?
It seems that RING might retain its strength given its higher weighted alpha of 105.30 and a high 20-day volatility of 62.12%. As a result, there is definitely still some promise for investors, who want to ride on this surging ETF a little further.
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Gold Mining ETF (RING) Hits New 52-Week High
For investors seeking momentum, iShares MSCI Global Gold Miners ETF (RING - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 101.5% from its 52-week low price of $14.01 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:
RING in Focus
This ETF offers exposure to companies that derive the majority of their revenues from gold mining. It follows the MSCI ACWI Select Gold Miners Investable Market Index with Canadian firms taking half of the portfolio. The United States and South Africa round out the top three positions with double-digit exposure each. RING is the cheapest choice in the gold mining space, charging 39 bps in fees and expenses (see: all the Materials ETFs here).
Why the Move?
The gold mining sector has been an area to watch lately buoyed by investors’ flight to safety. This is especially true against the backdrop of global economic growth concerns triggered by the coronavirus outbreak and the collapse in oil price that has raised the appeal for the yellow metal as a great store of value and hedge against market turmoil. Additionally, the large fiscal and monetary stimulus led by governments and central banks around the world added to the strength. Acting as a leveraged play on the underlying metal prices, metal miners tend to experience more gains than their bullion cousins in a rising metal market.
More Gains Ahead?
It seems that RING might retain its strength given its higher weighted alpha of 105.30 and a high 20-day volatility of 62.12%. As a result, there is definitely still some promise for investors, who want to ride on this surging ETF a little further.
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 >>