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Some equity funds closely tied to those commodities, such as those that invest in gold and silver miners, have soared even more. Five of the six biggest gold ETFs have seen outflows this year, totaling almost $3 billion, according to FactSet. GLD 5Y mountain Gold, and the ETFs that track it, are trading at record highs in early 2024. The fund's holdings include gold, silver, platinum and palladium. Meanwhile, Teucrium has several ETFs focused on agricultural commodities that have climbed over the past month as well, including the the Teucrium Soybean Fund (SOYB) , up over 3%.
Persons: Jake Hanley, Hanley, Robert Minter, Minter, Teucrium Organizations: United States Oil Fund, Hershey Locations: East, Europe
Over the past month, the SPDR Gold Shares ETF (GLD) has pulled in more than $1 billion of new money, according to FactSet. The iShares Gold Trust (IAU) , SPDR Gold MiniShares Trust (GLDM) , Abrdn Physical Gold Shares ETF (SGOL) and Goldman Sachs Physical Gold ETF (AAAU) have pulled in more than $400 million combined. Funds comprised of gold mining stocks have also been popular, with the VanEck Gold Miners ETF (GDX) pulling in about $200 million. GDX YTD mountain Gold mining ETFs are rallying in 2023. The gold mining funds from Sprott ( SGDM ) and iShares ( RING ) have seen similarly strong performance.
Subsidies from the U.S. government and investments from companies including General Motors in battery technology should benefit the mining companies, according to John Ciampaglia, CEO of Sprott Asset Management. "We talk to people all around the world, and there's a very consistent and global theme that's building around energy transition. Sprott's funds, including the Sprott Energy Transition Materials ETF (SETM) , are focused on mining stocks. Other funds on the market take a broader approach by bundling together mining stocks and battery manufacturers or technology companies, including Global X's Lithium and Battery Tech ETF (LIT) . The Amplify Lithium and Battery Technology ETF (BATT) goes even farther, incorporating electric vehicle stocks such as Tesla in its portfolio.
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