Dallas, Texas 07/15/2013 (Financialstrend) – The options on the exchange traded fund Market Vectors Gold Miners ETF (NYSEARCA:GDX) generated 90-day records regarding the number of call contracts ordered on the ETF in June 2013. However, the exchange traded fund has been recently identified as one of the two underperforming sectors which were leading the market in the previous week. Following the recent statement conveying that the Fed decided to keep the interest rates for the short term to near zero levels, the price of gold also vaulted. It has been put forth that in the long term, gold will prove to be a commodity with bright prospects.
Although the miners have been in trouble in the recent days, this will turn out to be the most profitable sector once all the dust in the gold markets is effectively cleared. And when the prices in the gold bullion market surge, the exchange traded fund designed to reflect the performance of the gold mining stock will also rise significantly. This ETF invests a minimum of 80% of the fund’s assets in the shares and ADRs of companies which are involved in the mining and exploration of gold.
Market Vectors Gold Miners ETF (NYSEARCA:GDX) shares currently trading at $24.32, down by 0.12%. During the day, the stock was fluctuating between a low intraday price of $24.07 and a high intraday price of $24.71 per share. The stock currently has a 52-week low of $22.21 and a 52-week high of $55.25 per share. Market Vectors currently has a market cap of $4.94 billion with around 202.95 million outstanding shares in the market and institutional ownership of 59 percent of its total equity capital. The stock witnessed active trading of around 8.82 million shares on Friday.