Fortunately for bullion and the ETFs backed by it, other developed economies are enacting looser monetary policies. For instance, the Bank of Japan is implementing policies centered on a weaker yen, and the stubbornly low inflation rate in the Eurozone leaves the European Central Bank more room for stimulus measures.
The AdvisorShares Gartman Gold/Euro ETF (NYSEArca: GEUR), an actively managed ETF tracking gold in euro terms, is 8.1% over the past two weeks while the AdvisorShares Gartman Gold/Yen ETF (NYSEArca: GYEN) is higher by 2.1%. GYEN, which is also actively managed, tracks gold in Japanese yen terms.
Still, some market observers remain leery of more upside for gold in 2015, noting that with interest rates remaining low and the bull market in U.S. equities continuing, investors are apt to prefer bonds and stocks over commodities.
SPDR Gold Shares
ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of GLD.