Gold backed ETFs and gold miner funds have come into focus as prices of spot gold ( XAUUSD:CUR ) touched a near 16-month trading low on Thursday.
Spot Gold ETFs: SPDR Gold Trust ETF ( NYSEARCA: GLD ), iShares Gold Trust ETF ( NYSEARCA: IAU ), and the Aberdeen Standard Physical Gold Shares ETF ( NYSEARCA: SGOL ).
Spot-gold ETFs are funds that either invest in the gold futures market or purchase actual gold bullion. GLD is the market’s most popular fund with $59.49B to its name. Moreover, IAU has $27.89B assets under management, and SGOL has $2.39B tied to it.
Year-to-date price action: GLD -5.5% , IAU -5.5% , and SGOL -5.4% .
Gold Miner ETFs: VanEck Vectors Gold Miners ETF ( NYSEARCA: GDX ), VanEck Vectors Junior Gold Miners ETF ( GDXJ ), and iShares MSCI Global Gold Miners ETF ( RING ).
Gold mining funds aim to invest in companies operating across materials, metals and mining, gold and silver sectors. From an AUM vantage point GDX is the largest with $10.24B under its belt. GDXJ has $3.28B assets to its name and RING has $248.51M.
Year-to-date price action: GDX -17.8% , GDXJ -24.8% , and RING -24.8% .
This week, spot gold dove below $1,700/oz as the precious metal fell to $1,680/oz, a level not seen since March of 2021. The yellow metal has regained some earlier losses in Thursday's mid-morning action, moving back above the $1,700 handle.
See chart below:
Gold, which rallied in the first quarter as inflation fears mounted, has since fallen after it broke through $2,000/oz level. That move took the precious metal and its related exchange traded funds into the red on the year.
In broader market news, stock indices opened slightly lower early on Thursday's trading session after a surprisingly strong rate hike from the European Central Bank.
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Gold hits near 16-month low, driving down related ETFs