GDX is comprised of global gold miners, with a notable tilt toward Canadian and U.S. mining companies. Stock fundamentals like cost deflation across the mining industry, share valuations below long-term average and rising M&A are all supportive of the miners space as well, but those fundamentals could be glossed over if the dollar strengthens.

Related: 10 Gold ETFs: Is it Time to Go for Gold?

GLD and IAU “were the primary drivers of North American and global inflows, accumulating 15.1t (US$642mn, 1.8% AUM), and 5.4t (US$230mn, 2% AUM), respectively, during March,” said the WGC.

For more information on the gold market, visit our gold category.

Tom Lydon’s clients own shares of GLD.