Gold Miners Bounce Back

Market turmoil and stronger gold prices caused the stocks of gold mining companies to climb sharply on Friday.

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The S&P 500 ETF (SPY) hit a new 52-week low on Friday before bouncing back late in the day to finish up 5% on the day.

Gold prices were also climbing at the end of the week.  The SPDR Gold Shares ETF (GLD) was up nearly 13% on the week.

Gold mining stocks were lagging until Friday when they took off.  TheMarket Vectors Gold Miners ETF (GDX) was up 27% on Friday on the strength of its largest holdings including Barrick Gold (ABX) +31% and Goldcorp (GG) +27%.

See the ETF Directory for a complete listing of Industry ETFs.