Not even close.
GLD
9-month Return 29.58
1-month Return 6.95
1-week Return 0.98
1-year Return 27.59
6-month Return 12.39
3-month Return 4.66
3-year Return 136.95
2-week Return 5.74
2-year Return 62.62
GDX
9-month Return 8.85
1-month Return 8.53
1-week Return 3.33
1-year Return 4.57
6-month Return -0.37
3-month Return 2.48
3-year Return 188.54
2-week Return 11.86
2-year Return 40.97
YTD Return -2.55
YTD Return 21.86
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Does this include dividends? They will narrow the spread a bit, but not the message.
Some of have said the miners are undervalued*, because equity valuations see a lower gold price (due to, say, a 5year SMA). What are your thoughts on this topic, le Fly? And, are miners poised to break out, vis-a-vis GDX and GLD, in the coming year?
I like them for a trade. But the numbers do not lie. The raw commodity wins in the long term. Pros like Jakegint hold the raw and trade around the miners. That makes sense.
Actually, the 3-year returns you just posted show GDX beating GLD by quite a bit.
My Jacksonians (instituted in May of ’09, if you recall) also show GLD lagging most gold names since inception of the index.
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The only reason I hold GLD and don’t really trade it is it’s not got that much volatility compared to the miner brethren.
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