Worst ETF (High Volume): Market Vectors Gold Miners ETF
Pick your poison. Gold had a bad start to the year any way you slice it. Whether you were buying the metal itself via SPDR Gold Shares (NYSE:GLD) or the Market Vectors Gold Miners ETF (NYSE:GDX), you were losing money.
Of course, you lost a lot more money via GDX. Year-to-date, the GDX was down 19% compared to a nearly 5% drop for the GLD.
More troubling than GLD’s decline in the first quarter is the fact it has seen net outflows of $6.6 billion in the first three months of the year. Billionaire George Soros has cut back his gold holdings, making it abundantly clear that the bloom is of the rose when it comes to gold’s 12-year bull market.
As for the GDX, I don’t know if it ever comes back to life.