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Gold ETF (GLDM) Hits New 52-Week High
For investors seeking momentum, SPDR Gold MiniShares Trust (GLDM - Free Report) is probably on the radar. The fund just hit a 52-week high and moved up 42% from its 52-week low of $39.35 per share.
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:
GLDM in Focus
SPDR Gold MiniShares Trust seeks to reflect the performance of the price of gold bullion. It is a low-cost choice in the U.S.-listed physically gold-backed ETF space, charging investors 10 bps in annual fees (see: all the Precious Metals ETFs here).
Why the Move
Gold has been an area to watch lately, given the surge in the metal price. The bullion rallied to new all-time highs, topping $2,830 per ounce, amid the rush to safe-haven demand triggered by President Donald Trump’s tariff threats, which have ignited fears of a trade war. The move will drive U.S. inflation faster than expected and hurt consumers, driving up the prices of goods and curtailing spending. It will also affect the global economy and corporate profits, particularly that of big U.S. exporters. All these will continue to weigh on the stock market and could disrupt global supply chains.
More Gains Ahead?
Currently, GLDM has a Zacks ETF Rank #3 (Hold). It is hard to get a handle on its future returns one way or the other. However, a weighted alpha of 36.50 and a 20-day volatility of 13.66% show that there is still some promise for risk-aggressive investors who want to ride on this surging ETF.