Barrick is the second-largest holding in GDX with a weight of 13.1%. Soros Fund Management also increased its stake in the Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) by 25% to almost 760,500 shares during the previous quarter. [Miners ETFs Gain Hedge Fund Fans]
Gold miners ETFs, including GDX and GDXJ, are among this year’s best-performing non-leveraged as miners are outpacing bullion. Investors have been lured to miners by compelling valuations. As a group, gold miners trade nearly 60% below their 2011 valuation peaks and below two times the book value of their assets, numbers that some analysts believe set the stage for more upside for the industry. [Miners ETFs Likely to Continue Outpacing Bullion Funds]
Market Vectors Junior Gold Miners ETF
Tom Lydon’s clients own shares of GLD.