VGPMX (Vanguard Precious Metals & Mining Fund) (~$3B AUM) announced in July it would change focus from precious metals to a broader range of counter-cyclical assets and sell its bullion and reduce exposure to PM producers (from 80 to 20% of portfolio)
https://investor.vanguard.com/mutual-funds/precious-metals-changes
Gold stocks declined during the subsequent VGPMX’s sell-down (GDX down ~15%). I’m not suggesting this was solely or even mainly due to the fund but supply of $100Ms of US gold stocks into a weak market certainly exacerbated recent price action imo.
This is relevant because the new reconstituted fund commences operation on Monday and credible analysts (e.g. Fred Hickey) suggest the ‘capitulation selling’ we saw on Thursday for example reflected a final puking of shares.
VGPMX (Vanguard Precious Metals & Mining Fund) (~$3B AUM)...
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Last
$1.52 |
Change
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Mkt cap ! $1.866B | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 3 | 26174 | $1.50 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.52 | 54794 | 3 |
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