For investors seeking momentum, U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU Quick QuoteGOAU - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 70.5% from its 52-week low price of $9.95 per share.

But 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 on where it might be headed:

GOAU in Focus

This fund provides investors access to companies engaged in the production of precious metals either through active (mining or production) or passive (owning royalties or production streams) means. Canadian firms takes the lion’s share at 56.8%, followed by South Africa (17.8%) and the United States (12.9%). The fund charges 60 bps in fees per year (see: all the Materials ETFs here).

Why the Move?

The gold mining corner of the broad market has been an area to watch lately given the surge in gold price on safe-haven demand as well as global easy monetary policies. The escalation in U.S.-China trade war and global growth concerns raised the appeal for gold as a great store of value and hedge against market turmoil. Notably, the yellow metal topped $1,500 per ounce for the first time since April 2013. Acting as a leveraged play on the underlying metal prices, metal miners tend to experience more gains than their bullion cousins in a rising metal market.

More Gains Ahead?

It seems that GOAU might remain strong given a higher weighted alpha of 60 but with high risk as depicted by 20-day volatility of 28.48%. As a result, there is definitely still some promise for investors who want to ride on this surging ETF a little further.

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