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Gold Mining ETF (GOEX) Hits New 52-Week High
For investors seeking momentum, Global X Gold Explorers ETF (GOEX - Free Report) is probably on the radar. The fund just hit a 52-week high and has moved up 45% from its 52-week low of $26.39 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:
GOEX in Focus
Global X Gold Explorers ETF offers exposure to a broad range of companies involved in the exploration of gold deposits. It charges 65 bps in fees per year (see: all the Materials ETFs here).
Why the Move
The gold mining sector of the broad stock market has been an area to watch lately, given the surge in the metal’s price. Gold has been on an unstoppable rally, buoyed by strong safe-haven demand amid rising trade tariffs and escalating geopolitical tensions. This has spurred demand for the yellow metal as a safe-haven investment option. Additionally, bets that the Fed will cut rates twice this year have fueled gold price.
More Gains Ahead?
GOEX has a weighted alpha of 47.95 and a 20-day volatility of 32.98%, which shows that there is still some promise for investors who want to ride on this surging ETF.