For investors seeking momentum, Global X Gold Explorers ETF GOEX is probably on the radar. The fund just hit a 52-week high and has moved up 99.8% from its 52-week low price of $28.79 per share.
But are there more gains in store for this ETF? Let us 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:
GOEX in Focus
The underlying Solactive Global Gold Explorers & Developers Total Return Index is a free float-adjusted, liquidity-tested and market capitalization-weighted index that is designed to measure broad-based equity market performance of global companies involved in gold exploration. GOEX charges 65 bps in annual fees (see all materials ETFs here).
Why the Move?
Gold mining ETFs are hovering around 52-week highs, thanks to gold’s safe-haven demand, central bank buying and a weaker dollar.
More Gains Ahead?
GOEX has a positive weighted alpha of 108.60. This suggests winning momentum of the fund and indicates that the outperformance could continue in the months ahead.
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Global X Gold Explorers ETF (GOEX): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).
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