“A reversion to a gold/GDX ratio of 23—seen as recently as 2011—could lead to a doubling in the ETF, just based on current gold prices,” said Hard Assets Investor.
Even with its recent surge, GDX is still down 35% year-to-date. The last time the largest gold miners ETF posted an annual gain was in 2010 when it soared 33.9%. GDX lost an average of 12.5% in 2012 and 2011.
Market Vectors Gold Miners ETF
ETF Trends editorial team contributed to this post.