The VanEck Vectors Gold Miners ETF (NYSEArca: GDX), the largest exchange traded fund dedicated to gold mining stocks, is higher by more than 7% over the past week with some analysts forecasting more upside for gold miners equities.
GDX is comprised of global gold miners, with a notable tilt toward Canadian and U.S. mining companies. Small-cap miners are getting in on the act as well. For example, the VanEck Vectors Gold Miners ETF (NYSEArca: GDXJ) is higher by nearly 9% over the past week.
“The miners (GDX and GDXJ) have more immediate upside potential. The daily line charts show two levels of resistance. The first level is around $26 for GDX and $38 for GDXJ while the second level is $28 for GDX and $40-$41 for GDXJ,” reports ETF Daily News.
Another option among gold miners ETFs to consider is the new U.S. Global GO GOLD and Precious Metal Miners ETF (NYSEArca: GOAU). GOAU is a smart beta offering that tracks a specialized or rules-based index to help hone in on quality players in the gold mining space. The underlying U.S. Global GO GOLD and Precious Metal Miners Index uses quantitative analysis to pick stocks, with a particular focus on royalty companies.