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For the month, spot gold closed at $1,323.10, down $5.84 per ounce, or 0.44 percent. Gold stocks, as measured by the NYSE Arca Gold Miners Index, gained 0.17 percent. The U.S. Trade-Weighted Dollar Index lost 0.03 percent for the month. Also for October, the Philadelphia Gold & Silver Index (XAU) gained 1.77 percent, the S&P/TSX Global Gold Index rose by 2.20 percent, and the FTSE/JSE African Gold Mining Index rose 7.16 percent.
Past performance does not guarantee future results.
The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The index benchmark value was 500.0 at the close of trading on December 20, 2002. The U.S. Trade Weighted Dollar Index provides a general indication of the international value of the U.S. dollar. The Philadelphia Stock Exchange Gold and Silver Index (XAU) is a capitalization-weighted index that includes the leading companies involved in the mining of gold and silver. The S&P/TSX Global Gold Index is an international benchmark tracking the world's leading gold companies with the intent to provide an investable representative index of publicly-traded international gold companies. The FTSE/JSE African Gold Mining Index is a market capitalization weighted index. (Returns are quoted as price return in the home currencies of each index. For example, the S&P/TSX Canadian Global Gold Index is calculated using Canadian Dollars.) The COMEX is the primary market for trading metals such as gold, silver, copper and aluminum.
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is also known as historical volatility. Diversification does not protect an investor from market risks and does not assure a profit. Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha.
Holdings in the Gold and Precious Metals Fund and World Precious Minerals Fund as a percentage of net assets as of 9/30/2013: MAG Silver (World Precious Minerals Fund 2.77%); Pan American Silver (Gold and Precious Metals Fund 1.23%, World Precious Minerals Fund 0.05%); Timmins Gold (Gold and Precious Metals Fund 0.96%, World Precious Minerals Fund 0.23%)