Focus On... | APR 2003
Working Money: Gold by David Penn
Working Money: Gold by David Penn From gold bugs and gold standards to massive derivative speculation, the yellow metal is back. All that glitters is not gold, goes the saying. But as far as investors are concerned, gold seems to be the only asset class with any shine at all. Gold mutual funds — as noted in Barron’s “Mutual Funds” section for December 16, 2002 — look poised to deliver returns to gold bugs that would make even the luckiest dotcom speculator salivate with envy. An exaggeration? Consider the Gabelli Gold Fund AAA, which is up 75.91% year to date, or perhaps the Rydex Precious Metals Investor fund, up 43.49% year to date. Taken as a group, gold-oriented mutual funds are up some 50% in 2002. And these returns come in the wake of impressive returns in 2001 (almost 19% on average). Gold fund returns in 2000 were underwhelming in most instances: the Gabelli Gold Fund (GOLDX) was down about 15.4% in 2000, the Vanguard Precious Metals Fund (VGPMX) down 9.5% — though when compared to a Standard & Poor’s 500 that was down about 10% for the year, it is apparent a changing of the guard in which stocks stepped down and gold stepped up was at hand.
by David Penn
Technical Analysis of STOCKS & COMMODITIES
The Traders’ Magazine since 1982
has had over 1,226,237 subscribers from 174 different countries.
37,000 Page Traders’ Archive for $89.99
To continue reading, sign-up for trial access to Traders.com and the S&C Archive — 37,000 pages of trading ideas!
After verifying your email address, you will have limited access to the S&C Archive, as well as access to a Digital Edition of S&C, and access to Traders.com Advantage and Working Money for 30 days.
Not a subscriber to Technical Analysis of
STOCKS & COMMODITIES magazine?
Click
here to subscribe, or request
a trial subscription.
Log-in now to view articles from the S&C Archive.
Your Subscriber ID is located at the top of your magazine label, highlighted here in red.
Your last name can be found on the second line, highlighted here in blue.
*If you have a company name on the label, that can also be used. It will appear below your name on the label.
If you do not have a Subscriber ID on your label, you can find it on your statement or renewal form.
For help locating your Subscriber ID number, please call us at 1-800-832-4642 or send an email to Survey@Traders.com. If sending an email, please include your name and mailing address.