March 03, 2008 at 1:00 pm by Tom Lydon
Oil isn’t the only commodity giving a helping hand to certain exchange traded funds (ETFs). Gold isn’t looking to shabby these days, either.
The Market Vectors Gold Miners (GDX) surged to its highest level since its May 2006 inception in intraday trading, reports Wanfeng Zhou for Thomson Financial. The fund is getting its momentum from the continually rising price of gold, which hit a record $992 for April delivery in earlier trading today.
Two other gold ETFs, iShares COMEX Gold Trust (IAU) and streetTRACKS Gold Shares (GLD) have been heading upward in tandem with gold, too: they’re both up 16.8% year-to-date.
Tags | GLD, IAU, Material ETFs, Metals
