Gold miner stocks and exchange traded funds (ETFs) ticked upward this week as gold futures spiked to record highs.
April gold futures contracts settled at $991 after hitting an all-time high of $993.30 in intraday trading, reports Brigid Gaffikin for Thomson Financial. Gold indexes have performed better than overall market indicators, according to an analyst at National Bank.
Gold prices could only continue to surge amid ongoing stock market volatility, an ease in U.S. monetary policy, U.S. recession risk and a weak dollar.
The Market Vectors Gold Miners (GDX) will benefit as long as the fund’s heavily weighted components – such as Barrick Gold Corp. (ABX) and Goldcorp Inc. (GG) – continue to perform well.
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