NEW YORK, Nov 11 (Reuters) - U.S. asset manager Van Eck Global said on
Wednesday it has launched a junior gold miners exchange-traded fund (ETF)
on the New York Stock Exchange, focusing on small- and mid-cap gold deposit
developers.
The New York-based company said the Market Vectors Junior Gold Miners
ETF GDXJ has started trading under the ticker symbol GDXJ on Wednesday on
the NYSE Arca platform, where many other ETFs are listed.
"At a time when global gold production has been dropping while demand
has been on the rise, young companies with attractive projects are
potentially both a key source of new gold production and attractive
takeover targets," said Jan van Eck, principal at Van Eck Global.
Van Eck said that the ETF focuses early-stage companies which are
actively engaged in developing new gold sources through explorations.
Top index constituents for the ETF include Coeur D'Alene Mines (CDE.N),
Silver Standard (SSO.TO) and New Gold (NGD.TO), the company said.
Van Eck manages a total of $9.7 billion fund assets under its Market
Vectors ETFs.
(Reporting by Frank Tang; Editing by John Picinich)
