Related: Despite Fed Concerns, Gold ETFs Are Still Invaluable 

GLDW tries to reflect the performance of the Solactive GLD Long USD Gold Index, which is designed to represent the daily performance of a long position in physical gold and a short position in the FX Basket comprised of euro, Japanese yen, British pound, Canadian Dollar, Swedish krona and Swiss franc. The performance of the USD against the currency basket will determine whether the index increases or decreases the amount of gold held.

“Dudas also makes a fundamental case that gold prices will strengthen. He believes inflation expectations will pick up and exceed nominal interest rates. He also says seasonal factors bode well for gold, and he sees some supply and demand factors as bullish signs longer term,” reports CNBC.

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

Tom Lydon’s clients own shares of GLD.