For investors looking for momentum, iShares Gold Trust (IAU - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 37.7% from its 52-week low price of $12.12/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
IAU in Focus
This ETF offers exposure to the day-to-day movement of the price of gold bullion. It has an AUM of $22.83 billion and charges 25 basis points (bps) in annual fees.
Why the Move?
The coronavirus pandemic is sparking fears of a global economic recession among investors as the outbreak is disrupting global supply chains followed by shutdown of economic activities. The market participants also seem to be worried about the outbreak’s impact on corporate earnings. In the wake of the current scenario, investors are rushing to safe-haven assets like gold, driving it to the highest level in more than seven years.
More Gains Ahead?
It seems like the fund will remain strong, with a positive weighted alpha of 35.90, 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, iShares Gold Trust (IAU - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 37.7% from its 52-week low price of $12.12/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
IAU in Focus
This ETF offers exposure to the day-to-day movement of the price of gold bullion. It has an AUM of $22.83 billion and charges 25 basis points (bps) in annual fees.
Why the Move?
The coronavirus pandemic is sparking fears of a global economic recession among investors as the outbreak is disrupting global supply chains followed by shutdown of economic activities. The market participants also seem to be worried about the outbreak’s impact on corporate earnings. In the wake of the current scenario, investors are rushing to safe-haven assets like gold, driving it to the highest level in more than seven years.
More Gains Ahead?
It seems like the fund will remain strong, with a positive weighted alpha of 35.90, 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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