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For investors seeking momentum, iShares Gold Trust (IAU - Free Report) is probably on the radar. The fund just hit a 52-week high and has moved up 40.5% from its 52-week low of $36.57 per share.
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 of where it might be headed:
IAU in Focus
iShares Gold Trust offers exposure to the day-to-day movement of the price of gold bullion. It is backed by physical gold under the custody of JP Morgan Chase Bank in London. IAU charges investors 25 bps in annual fees (see: all the Precious Metals ETFs here).
Why the Move?
Gold has been an area to watch lately, given the surge in the metal price. The bullion has been hitting a series of record highs. The bullion topped $2,750 per ounce for the first time and has been outperforming the broader markets, rising 26% so far this year. The U.S. election jitters and rising geopolitical tensions in the Middle East boosted demand for gold as a safe-haven asset. A loose monetary policy environment and central bank purchases of gold also add shine to the bullion.
More Gains Ahead?
Currently, IAU has a Zacks ETF Rank #3 (Hold). It is hard to get a handle on its future returns one way or the other. However, a weighted alpha of 3.12 and a 20-day volatility of 10.30% show that there is still some promise for risk-aggressive investors who want to ride on this surging ETF.
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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 the radar. The fund just hit a 52-week high and has moved up 40.5% from its 52-week low of $36.57 per share.
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 of where it might be headed:
IAU in Focus
iShares Gold Trust offers exposure to the day-to-day movement of the price of gold bullion. It is backed by physical gold under the custody of JP Morgan Chase Bank in London. IAU charges investors 25 bps in annual fees (see: all the Precious Metals ETFs here).
Why the Move?
Gold has been an area to watch lately, given the surge in the metal price. The bullion has been hitting a series of record highs. The bullion topped $2,750 per ounce for the first time and has been outperforming the broader markets, rising 26% so far this year. The U.S. election jitters and rising geopolitical tensions in the Middle East boosted demand for gold as a safe-haven asset. A loose monetary policy environment and central bank purchases of gold also add shine to the bullion.
More Gains Ahead?
Currently, IAU has a Zacks ETF Rank #3 (Hold). It is hard to get a handle on its future returns one way or the other. However, a weighted alpha of 3.12 and a 20-day volatility of 10.30% show that there is still some promise for risk-aggressive investors who want to ride on this surging ETF.