Gold miner exchange traded funds are among the top ETF performers this week, getting a boost from higher precious metal prices following the Federal Reserve’s decision to extend its low-rate pledge out to late 2014.
Market Vectors Gold Miners (NYSEArca: GDX) and Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) are on track to post gains of more than 8% for the week. The ETFs are also testing their 200-day exponential moving averages. [Gold Miner ETFs Soar After Fed’s Low-Rate Pledge]
Global X Silver Miners (NYSEArca: SIL) is up about 7% this week.
The ETFs invest in miner stocks rather than bullion or precious metal futures.
Gold prices have climbed above $1,730 an ounce with the Fed signaling continued easy monetary policy and expectations the central bank could engage in further quantitative easing.