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Second Quarter 2014
For the quarter, spot gold closed at $1,327.32 up $43.32 per ounce, or 3.37 percent. Gold stocks, as measured by the NYSE Arca Gold Miners Index, rose 11.67 percent and the U.S. Trade-Weighted Dollar Index declined 0.41 percent for the quarter. Also for the second quarter, the Philadelphia Gold & Silver Index (XAU) rose 10.94 percent, the S&P/TSX Global Gold Index rose 8.93 percent, and the FTSE/JSE African Gold Mining Index rose 0.17 percent.
For the quarter, the Gold and Precious Metals Fund rose 14.31 percent and the World Precious Minerals Fund rose 13.36 percent. See complete fund performance here.
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).
Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. The Consumer Price Index (CPI) is one of the most widely recognized price measures for tracking the price of a market basket of goods and services purchased by individuals. The weights of components are based on consumer spending patterns. The Purchasing Manager's Index is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.
Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the Gold and Precious Metals Fund and World Precious Minerals Fund as a percentage of net assets as of 06/30/2014: Lucara Diamond Corp (Gold and Precious Metals Fund 0.30%, World Precious Minerals Fund 1.67%), Rio Tinto (Gold and Precious Metals Fund 0.00%, World Precious Minerals Fund 0.00%).