Gabelli Global Gold, Natural Resources & Income Trust (GGN) — This non-diversified, closed-end management investment company invests in companies principally engaged in the gold and natural resources industries.
I have chosen GGN as the Trade of the Day three times in the past year: on Jan. 27 at $15; on March 5 at $12.50; and on March 10 at $17. It has provided a steady dividend return, as well as a way to participate in major metals mining stocks.
On March 10, I said, “GGN recently held on its support line and 200-day moving average, executing two of our internal Collins-Bollinger Reversal (CBR) buy signals, and broke through its 50-day moving average. The short-term target is $19, but longer term it could run to the mid $20s. The current dividend yield is 10%.”
The dividend of $1.68 is paid monthly, now providing an annual dividend yield of 9.25%.
Despite its appreciation, GGN is still strong, and by breaking the resistance line of its channel trend could make a quick jump to the mid-$20s.
Editor’s note: Sam Collins owns shares of GGN.
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