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Gold Mining ETF (RING) Hits a New 52-Week High
For investors looking for momentum, iShares MSCI Global Gold Miners ETF (RING - Free Report) is probably a suitable pick. The fund just hit a 52-week high — up roughly 61.2% from its 52-week low of $15.87/share.
Does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
RING in Focus
The fund measures the performances of global equities of companies primarily engaged in the business of gold mining. The fund charges 39 bps in fees (see all materials ETFs here).
Why the Move?
Gold had a sizzling 2020, thanks to the flare-up in equity market volatility and the resultant safe-haven rally.The coronavirus impact seems to be more crucial than estimated. As a result, gold prices approached a 7-year high. This, in turn, boosted the lure for this gold mining fund.
More Gains Ahead?
The fund has a positive weighted alpha of 44.70, which gives cues of further rally.
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