On the other end, the worst non-leveraged ETPs of the past month include the Sprott Gold Miners ETF (NYSEArca: SGDM) down 17.8%, iShares MSCI Global Gold Miners Fund (NYSEArca: RING) down 15.8% and Market Vectors Gold Miners ETF (NYSEArca: GDX) down 15.3%.
The month of August was marked by lackadaisical trading, with very thin and narrow trading that has been typical for the end of summer. Despite improving economic data at the start of the month, market participants found little incentive to buy into a market hovering around record highs.
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Moreover, the improving economic data further fueled speculation that the Federal Reserve may raise interest rates soon, which kept a lid on market gains.
The Federal Open Market Committee meeting minutes, though, did not provide any definitive outline for a rate hike schedule, with policy makers maintaining a patient view on rates and waiting for further signs of economic strength. Janet Yellen’s Jackson Hole speech also revealed little as she maintained her wait and see approach and hinted at a possible rate hike sometime this year.
Markets ended the month on a sour note as investors digested a pullback in crude oil prices ahead of Friday’s jobs report.
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