Back to top
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Shutterstock
Gold Mining ETF (GOEX) Hits a 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 99.8% from its 52-week low price of $28.79 per share.
But are there more gains in store for this ETF? Let us 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
The underlying Solactive Global Gold Explorers & Developers Total Return Index is a free float-adjusted, liquidity-tested and market capitalization-weighted index that is designed to measure broad-based equity market performance of global companies involved in gold exploration. GOEX charges 65 bps in annual fees (see all materials ETFs here).
Why the Move?
Gold mining ETFs are hovering around 52-week highs, thanks to gold’s safe-haven demand, central bank buying and a weaker dollar.
More Gains Ahead?
GOEX has a positive weighted alpha of 108.60. This suggests winning momentum of the fund and indicates that the outperformance could continue in the months ahead.