The bullish technical outlook for miners is buoyed by sound fundamentals. Last week saw the highest in flows across commodity ETPs in over a year. “Leading the trend were precious metal ETPs, which saw aggregate inflows of $206 million,” according to a research note by Nicholas Brooks, head of research and investment strategy, and Nitesh Shah associate director – research at ETF Securities. [Precious Metals Boost Commodities ETFs]
The SPDR Gold Shares (NYSEArca: GLD), the world’s largest exchange traded fund backed by physical gold, saw its first month of inflows in over a year last month and physical demand remains brisk, particularly in China, which is now the world’s largest gold consumer. [Golden Month for Gold ETFs]
Market Vectors Gold Miners ETF
ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of GLD.