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Friday, November 20, 2009
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Van Eck Global launches second global ETF
Van Eck Global today launched its second gold exchange-traded fund, just as the price of gold was surging to a new all-time high.
The Market Vectors Junior Gold Miners ETF (GDXJ) invests in small- and mid-cap mining companies. “Junior miners represent an early stage opportunity similar to a venture capital investment, the potential exists for high growth, but significant risks exist as well,” Jan van Eck, Principal at Van Eck Global, said in a statement. “At a time when global gold production has been dropping while demand has been on the rise, nimble young companies with attractive projects are potentially both a key source of new gold production and attractive takeover targets for more established players in the field.” Van Eck’s first gold ETF — the $5.6 billion Market Vectors-Gold Miners ETF (GDX) – was launched in May 2006. With the rise in the price of gold, the popularity of ETFs investing in the precious metal has risen. The SPDR Gold Shares (GLD) had $37.1 billion in assets at the end of October, making it the second largest ETF behind the $67.22 billion SPDR S&P 500 (SPY). Both ETFs are from State Street Global Advisors.
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