Gold miner ETFs were some of the worst-performing funds in the
week ended Thursday, July 12, with the iShares MSCI Global Gold
Miners Index Fund (NYSEArca:RING) leading the pack with losses of
10 percent.
The big trading action, however, was focused on the $7.59
billion Market Vectors Gold Miners ETF (NYSEArca:GDX). The fund
lost 8.87 percent of its value as more than 15 million shares
traded hands, on average, on a daily basis. That's a lot of
turnover, especially when you consider that fewer than 5 percent of
the 1,400-plus U.S.-listed ETFs see daily volume above 2 million
shares on a regular basis.
The $1.97 billion Market Vectors Junior Gold Miners ETF
(NYSEArca:GDXJ) was also caught in the sell-off, tallying losses of
9.15 percent on average daily trading volume that neared 3 million
shares.
Gold miners stocks have been hit by a bit of a double whammy
lately. On one side, gold miner funds are portfolios of companies
mining for or looking for new sources of gold. In other words,
they're equities, and stocks haven't performed particularly well in
the face of mounting concerns over global economic growth.
The Dow Jones industrial average closed lower for six straight
days, and gave up 323 points, or 2.5 percent between Thursday, July
5, and Thursday, July 12. In that time frame, investors pulled more
than $689 million out of U.S. equities ETFs, according to
IndexUniverse's "Weekly ETF Fund Flows" report.
Gold miner ETFs have also been affected by the recent slump in
gold prices. Spot gold values dropped roughly 3 percent in the past
five days, also impacted by economic jitters and a stronger U.S.
dollar.
Still, the worst-performing ETF was the Market Vectors Coal ETF
(NYSEArca:KOL), bleeding 10.65 percent in the five-day period. News
that Patriot Coal was filing for bankruptcy this week pressured
several coal companies' stock prices like Alpha Natural and Peabody
Coal, all names that KOL holds.
Ags On Fire
On the flip side, agriculture-linked funds were again some of
the best-performing ETFs this past week, as the commodities markets
continued to rally on deteriorating crop yield prospects due to the
ongoing droughtlike weather across the U.S. grain belt.
The U.S. Department of Agriculture this week cut its projection
for corn yields by 12 percent, the latest tidbit to add fodder to
concerns that grains and oilseed supplies could be much tighter
this year.
The Teucrium Agricultural ETF (NYSEArca:TAGS) was the
best-performing fund in the week ended Thursday, with gains of more
than 16 percent, followed closely by the PowerShares DB Commodity
Long ETN (NYSEArca:DPU), which rallied 13.3 percent this week.
Another segment that also did well was Treasurys, as U.S.
government debt remained the safe haven of choice for many
investors.
The Pimco 25+ Year Zero Coupon U.S. Treasury Fund
(NYSEArca:ZROZ) gained 4.68 percent in the five-day trading period,
while the Vanguard Extended Duration Treasury ETF (NYSEArca:EDV),
now a $213.9 million fund, tagged on gains of 4.6 percent on the
week.
Demand for U.S. Treasurys in recent days helped push both the
10-year and 30-year bond yields to near their all-time lows
Thursday, July 12. Bond yields drop when prices rise.
Top 10 Weekly Performers, Excluding Leverage/Inverse
Funds and 'lt;1,000 Shares Traded
| Ticker |
Name |
Weekly Performance |
Weekly Volume |
AUM ($, mm) |
| TAGS |
Teucrium Agricultural |
16.08% |
1,866 |
2.68 |
| DPU |
PowerShares DB Commodity Long ETN |
13.31% |
1,582 |
6.06 |
| USMI |
United States Metals Index Fund |
12.32% |
4,530 |
2.42 |
| DIRT |
iPath Pure Beta Agriculture ETN |
8.98% |
1,469 |
3.00 |
| LEDD |
iPath Pure Beta Lead ETN |
6.80% |
2,270 |
0.69 |
| ONG |
iPath Pure Beta Energy ETN |
5.82% |
2,500 |
2.29 |
| ZROZ |
PIMCO 25+ Year Zero Coupon U.S. Treasury |
4.68% |
100,774 |
179.99 |
| EDV |
Vanguard Extended Duration Treasury |
4.59% |
111,441 |
213.92 |
| UGEM |
EGShares Utilities GEMS |
4.29% |
30,202 |
2.62 |
| CAFE |
iPath Pure Beta Coffee ETN |
4.14% |
3,800 |
1.40 |
Bottom 10 Weekly Performers, Excluding Leverage/Inverse
Funds and 'lt;1,000 Shares Traded
| Ticker |
Name |
Weekly Performance |
Weekly Volume |
AUM ($, mm) |
| KOL |
Market Vectors Coal |
-10.65% |
771,455 |
164.29 |
| RING |
iShares MSCI Global Gold Miners |
-10.00% |
30,265 |
28.51 |
| PXQ |
PowerShares Dynamic Networking Portfolio |
-9.88% |
222,117 |
53.60 |
| PKOL |
PowerShares Global Coal Portfolio |
-9.45% |
10,376 |
9.35 |
| PSAU |
PowerShares Global Gold and Precious Metals
Portfolio |
-9.18% |
6,232 |
30.24 |
| GDXJ |
Market Vectors Junior Gold Miners |
-9.15% |
14,377,015 |
1,970.61 |
| COPX |
Global X Copper Miners |
-8.95% |
105,437 |
25.68 |
| GDX |
Market Vectors Gold Miners |
-8.87% |
76,420,870 |
7,590.42 |
| KWT |
Market Vectors Solar Energy |
-8.83% |
6,452 |
9.12 |
| GLDX |
Global X Gold Explorers |
-8.78% |
208,841 |
27.91 |
Disclaimer:All data as of 6 a.m. Eastern time the date the
article is published. Data is believed to be accurate; however,
transient market data is often subject to subsequent revision and
correction by the exchanges.
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