Was October the Month of Gold?

In October, the price of gold rose significantly. On the first of the month, the value of the precious metal was around $1,834 according to Kitco. In the days leading up to the end of October, the price could be seen just above $2,000, an increase of more than 9%.

At the start of October, gold’s price was well off its 2023 high in the spring, but its upswing during the month brought its price awfully close to that number.

Growth in Engagement

Using data obtained from the Explorer platform we can see how much investors are engaging with gold-related content on VettaFi’s digital properties. During the October price rally, investor interest in and engagement with content related to the precious metal saw a notable jump, rising nearly 13% from the first of the month. It also kept its title as the precious metal seeing the most engagement across all of VettaFi’s digital properties. The jump in price likely helped to stoke investors’ interest in this style of ETFs.

In the past month, a pair of gold miner’s ETFs have also seen a jump in their performance. The VanEck Gold Miners ETF (GDX) posted a 6.91% return. While its junior counterpart in the VanEck Junior Gold Miners ETF (GDXJ) had a return of 6.02%. Both funds were among the top-performing equity ETFs, according to LOGICLY.

See More: “Gold’s Rally Spreads Into Gold Miner ETFs

A Deeper Look Inside the Two Funds

The VanEck Gold Miners ETF (GDX) has an expense ratio of 0.51% and $11.5 billion in assets under management. The GDX fund tracks the NYSE Arca Gold Miners Index. This index gives investors exposure to some of the largest mining companies in the industry. The fund gives exposure to companies both domestically and globally.

In the U.S., the fund holds companies like Newmont Corp., Barrick Gold Corp., and Franco-Nevada Corp. These three companies sit at the top of the fund’s holdings. Outside of the U.S., the fund offers exposure to Gold Fields Ltd (South Africa), Northern Star Resources Ltd (Australia), and Zijin Mining Group Co., Ltd (Hong Kong).

See More: “Gold’s Price Continues to Move in a Positive Direction