Gold Mining ETF (GOEX) Hits New 52-Week High
For investors seeking momentum, Global X Gold Explorers ETF GOEX 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 FocusGlobal 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 MoveThe 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.Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Global X Gold Explorers ETF (GOEX): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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