Gold ETF’s Set To Surge With The Price Of Gold Going To $2000
“Jim Rogers, renowned global commodities investor and author, says gold prices will hit $2,000 in a decade. Gold prices have risen 20% in the past year, recently testing a new high of $1,133.50. With strong speculative fund buying, a weakening U.S. dollar and inflation fears, investing in gold is a popular trend as the precious metal becomes an alternative asset class. Physically backed SPDR Gold Shares(GLD) has risen almost 15% YTD and Market Vector Gold Miners ETF(GDX) has popped over 30%. Rogers’ love of gold is nothing new, but with gold in a strong bull market, I wanted to know if the trade was too crowded,” Alix Steel Reports From The Street.
“Jim Rogers: I don’t ever like to buy something making all time highs however I’m not selling my gold. Gold is going to go much higher in the course of the bull market. Doesn’t mean it can’t go down 20% next year but during the course of the bull market it is going to go much higher it is certainly not a bubble yet,” Steel Reports.
“Jim you are typically a contrarian investor. If everyone is buying, shouldn’t you be selling? Jim Rogers : Yes, I should be selling at the top, but I don’t think this is the top. Gold, if you adjust it for its old highs, adjust it for inflation back in 1980, gold should be over $2000 an ounce right now. In my view, in this bull market in commodities gold will make all new highs adjust for inflation,” Steel Reports.
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The investment (GDX) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the AMEX Gold Miners index. The fund generally normally invests at least 80% of its total assets in common stocks and American depositary receipts (ADRs) of companies involved in the gold mining industry. The fund is nondiversified.
| TOP 10 HOLDINGS (GDX) ( 68.62% OF TOTAL ASSETS) |
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The investment (GLD) seeks to replicate the performance, net of expenses, of the price of gold bullion. The trust holds gold, and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemption of baskets. The gold held by the trust will only be sold on an as-needed basis to pay trust expenses, in the event the trust terminates and liquidates its assets, or as otherwise required by law or regulation.
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