“We believe gold miners’ shares are still undervalued relative to fundamentals and anticipate they will get back to trade around 2x the book value of assets. All things being equal, this means that prices have the potential to rise by 30% in the next few months, to the levels last seen in March 2013,” said the research firm.
GDX’s March 2013 closing high was $38.43, which was seen on March 21, 2013. That is 43% above where the ETF trades at this writing. The March 2013 closing high for GDXJ was $68, or more than 40% above where the ETF currently trades.
Market Vectors Gold Miners ETF
Tom Lydon’s clients own shares of GLD.