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Gold ETF (OUNZ) Hits New 52-Week High
Investors seeking momentum may have VanEck Merk Gold Trust (OUNZ - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of OUNZ are up approximately 25.4% from their 52-week low of $15.69/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
OUNZ In Focus
The VanEck Merk Gold Trust provides investors with a convenient and cost-efficient way to buy and hold gold through an exchange traded product with the option to take physical delivery of gold. The fund charges 25 bps in fees.
Why The Move?
After wild swings, gold showed a strong rebound lately on U.S. recessionary threats as the metal is considered a safe haven. The subdued U.S. dollar and a decline in U.S. treasury bond yields bolstered the demand for the yellow metal. Additionally, the demand for inflation hedge is also driving investors toward gold.
More Gains Ahead?
The fund has a positive weighted alpha of 10.80. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.