#2 Worst: Gabelli Gold
Not even the disaster in Cyprus was enough to spark a legitimate rally in gold during Q1, as the yellow metal saw prices fall to current levels around $1,600, putting the pinch on gold funds like the SPDR Gold Trust (NYSE:GLD, -4.6%).
But really taking it on the chin were the gold miners. Funds like the Gabelli Gold Fund (MUTF:GLDAX) were pounded thanks to big losses in holdings such as Fresnillo Resources (PINK:FNLPF, -32%), Agnico-Eagle Mines (NYSE:AEM, -22%) and Randgold Resources (NASDAQ:GOLD, -13%).
Unfortunately, the fund’s underperformance isn’t limited to the first three months of 2013 — GLDAX has averaged a 3.5% annual loss over the past five years.