Turning Gold into Green

What’s the best way to turn the yellow metal into green?  That’s the question the WSJ recently asked four prominent investors.

Turns out that Greenlight Capital‘s David Einhorn, in addition to a Queen’s warehouse full of gold bars, also likes the Market Vectors Gold Miners ETF (GDX) where he owns 2% of the fund.

The $7 billion exchange traded fund carries a net expense ratio of 0.53%.  Top holdings include Barrick Gold Corp, Goldcorp, Newmont Mining and Kinross Gold Corp.

According to the fund’s manager Van Eck Global, GDX has a correlation with the S&P 500 of only 0.34 over the past 3 years.

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