Bitcoin’s hot streak is well and truly dead.
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Canadian maple leafs sit on the faces of one ounce gold coins in this arranged photograph at Gold Investments Ltd. bullion dealers in London, U.K., on Tuesday, July 15, 2014.
If gold shares do get a bid this year, one of the ways to play it is through gold ETFs, says Van Eck. His firm created the most well-known gold ETFs: the GDX gold miners ETF and GDXJ junior gold miners ETF.
“The shares have been acting tremendously well over the last two or three months … It’s starting to zig when the stock market zags,” Van Eck said. “In the majority of the days in Q4 when the S&P was down, GDX was up. So that zigzag, that decoupling makes me really excited about gold shares as a diversifier.”
The GDX ETF rallied 14 percent in the fourth quarter, its best since the second quarter of 2016, while the S&P 500 slumped 14 percent. That performance has not carried over into the new year — the GDX is up less than 1 percent in January as the S&P 500 has spiked 6 percent.