For investors looking for momentum, VanEck Vectors Gold Miners ETF (GDX - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 49.7% from its 52-week low price of $30.64/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
GDX in Focus
This ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index, which is intended to track the overall performance of companies involved in the gold mining industry. It has AUM of $14.97 billion and charges 52 basis points in annual fees.
Why the Move?
Concerns about further pandemic-related lockdowns due to the aggravating coronavirus outbreak have once again prompted a flight to safe-haven assets. Moreover, the decline in U.S. dollar and Fed’s continued dovish stance are supporting the upside in the yellow metal. Notably, gold is considered a great store of value and hedge against market turmoil. This is making funds like GDX an attractive investment option.
More Gains Ahead?
It seems like it might remain strong since it has a positive weighted alpha of 6.92, which gives cues of further rally.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
For investors looking for momentum, VanEck Vectors Gold Miners ETF (GDX - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 49.7% from its 52-week low price of $30.64/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
GDX in Focus
This ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index, which is intended to track the overall performance of companies involved in the gold mining industry. It has AUM of $14.97 billion and charges 52 basis points in annual fees.
Why the Move?
Concerns about further pandemic-related lockdowns due to the aggravating coronavirus outbreak have once again prompted a flight to safe-haven assets. Moreover, the decline in U.S. dollar and Fed’s continued dovish stance are supporting the upside in the yellow metal. Notably, gold is considered a great store of value and hedge against market turmoil. This is making funds like GDX an attractive investment option.
More Gains Ahead?
It seems like it might remain strong since it has a positive weighted alpha of 6.92, which gives cues of further rally.
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>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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