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Gold Mining ETF (RING) Hit a New 52-Week High
For investors seeking momentum, iShares MSCI Global Gold Miners ETF (RING - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 66.5% from its 52-week low price of $19.73/share.
But are 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 comps in both developed & emerging markets that derive the majority of their revenues from gold mining. The product charges 39 bps in annual fees.
Why the Move?
The price of the yellow commodity has been rising as the Fed is likely to cut interest rates due to cooling in inflation. Plus, rising geopolitical tensions and increasing purchases of the precious metal by central banks have also been boosting the price of gold. This, in turn, has boosted the price of gold mining stocks.
More Gains Ahead?
The ETF RING might continue its strong performance in the near term, with a positive weighted alpha of 57.30, which gives cues of a further rally.