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Biggest gold miner ETF just saw largest outflows on record

Investors yanked $778 million from VanEck Vectors fund and $217 million from SPDR Gold Shares ETF

Luke Kawa  |  New York 

Investors just fell out of love with gold in a big way.   The US equity exchange-traded fund that experienced the largest withdrawals last week was the $10.3 billion VanEck Vectors Gold Miners (GDX), the biggest ETF that invests in gold-mining companies. The SPDR Gold Shares ETF (GLD), the world's largest commodity ETF at $34.8 billion, also saw the most outflows among commodity funds in the period ending April 28.   “GDX is a leveraged play on gold,” said Eric Balchunas, ETF analyst at Bloomberg Intelligence. “This is like playing a game — everyone ...

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First Published: Mon, May 01 2017. 23:53 IST