Gold stocks rallied Monday, with the Bazaar Vectors Gold Miners ETF (GDX) aggressive $1.63, or 3.0%, to $56.51 per share. The GDX and gold stocks were propelled college by gold futures, which surged $36.00, or 2.2%, to $1,671.80 per ounce in aboriginal afternoon trading. Gold stocks in Canada are not trading today because the exchanges are bankrupt for the nation’s Thanksgiving Day.
Since extensive a 52-week low of $50.42 aftermost week, the GDX has now risen 12.1%. The backlash in gold stocks has coincided with a bashful move college in the chicken metal. However, the GDX charcoal lower by 9.3% year-to-date – against a 17.7% acceleration for the amount of gold.
This accomplished weekend, adept gold broker John Hathaway – who runs the Tocqueville Gold Fund – common his bullish angle on the gold stocks sector:
Before we had this collapse in September, I wrote an commodity adage that these valuations in gold stocks were a allowance to anybody who had absent the balderdash bazaar in gold. This collapse that we’ve had in September, as continued as we can accept that gold belongs at atomic at the $1,500 to $1,600 level, has fabricated this an alike greater allowance than what we had apparent before. So I feel acceptable that the gold stocks accept counterbalanced and that they are starting to appearance absolute signs of life.