Seven of the 10 Worst-Performing Funds in January Track Mining Stocks
February 11, 2010
Commodities, particularly precious metals funds, have been big sellers in recent months, but their good fortune reversed in January, when seven of the worst-performing mutual funds turned out to be concentrated on mining stocks.
As the economy continues to show signs of improvement, the rush to gold and other precious metals as a defense play appears to be waning, TheStreet.com reports. The price of gold per ounce is now $1,060, down from a high of $1,217 in December.
The Rydex Series Precious Metals Fund fell 13%, bringing down its gains over the past 12 months to 29%. The GAMCO Gold Fund fell 12%, as did the Guinness Atkinson Funds Alternative Energy Fund.
For more information on related topics, visit the following:
