Aided by an impressive showing by the yellow metal itself, which was aided by an unexpected surge for the Swiss franc, the Market Vectors Gold Miners ETF (NYSEArca: GDX) and the Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) extended runs that have the pair residing as two of the best non-leveraged ETFs to this point in the new year.
For the week, GDX and GDXJ gained 5.8% and 3.7%, respectively, with GDX, the “senior” miners ETF, capping its best three-week run since the ETF debuted over eight years ago.
“It has been a decent 3 weeks for the Gold miners ETF (GDX). Actually one of the best three weeks since the ETF was created back in 2006! All of this is taking place at the same time the Gold is attempting to break above a multi-year falling channel,” according to Chris Kimble of Kimble Charting Solutions.
Chart Courtesy: Kimble Charting Solutions
GDX and GDXJ are each up nearly 21% since the start of 2015 and with gold on the rise, investors appear comfortable betting on more upside for the miners ETFs. After rising 4.3% in the just completed trading week, the SPDR Gold Shares (NYSEArca: GLD), the world’s largest gold ETF, is now up nearly 8% this year.