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Monday, May 22, 2006

Gold Miners ETF Begins Trading

by: Armie Margaret Lee

New York City-based Van Eck Global has launched an exchange traded fund that tracks the performance of the Amex Gold Miners Index.

The Market Vectors-Gold Miners ETF ("GDX"), which began trading Monday on the American Stock Exchange, is the first fund that offers exposure to stocks of gold-mining companies. The Amex Gold Miners Index was created by Amex in 2004 and now consists of 44 companies from around the world.

Factors such as the vulnerability of the US dollar and the twin deficits "could lead to economic stress that supports a continued positive view on gold-related investments, said Joseph Foster, who has been involved in the management of various Van Eck gold funds since 1996, in a statement.  

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