Gold Mining ETF (RING) Hits New 52-Week High
For investors seeking momentum, iShares MSCI Global Gold Miners ETF RING is probably on the radar. The fund just hit a 52-week high and is up 211.77% from its 52-week low price of $31.95/share.
But are there more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
RING in Focus
The underlying MSCI ACWI Select Gold Miners Investable Market Index measures the equity performance of comapnies in both developed & emerging markets that derive the majority of their revenues from gold mining. The product charges 39 bps in annual fees (See: All Materials ETFs).
Why the Move?
Gold has been an area to watch lately. Rising geopolitical tensions in the Middle East, after the United States and Israel carried out strikes on Iran, followed by Iran’s wide-scale retaliation against U.S. allies and assets across the Persian Gulf, have boosted safe-haven demand and pushed investors toward gold.
More Gains Ahead?
RING might continue its strong performance in the near term, with a positive weighted alpha of 211 (as per Barchart.com), which gives cues of a further rally.
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iShares MSCI Global Gold Miners ETF (RING): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
