Gold Miners ETF Surges To 19-month High, With Most U.S. Components Doubling In 3 Months

The Market Vectors Gold Miners ETF surged 1.7% in afternoon trade Wednesday to a 19-month high, as the shares of companies that mine gold continue to significantly outperform the price of the commodity the companies mine. The SPDR Gold ETF edged up 0.1%, below last Tuesday's intraday high of $120.35, and 2.2% below 13-month peak of $122.37 reached on March 4. The gold miners ETF (GDX) has now rocketed 84% over the past three months, while the gold ETF has advanced 14%. Tom Ord, editor of "The Ord Oracle" newsletter, said his charts suggest an upside target for GDX near $27, which is 14% above current levels. Among the GDX's 24 U.S.-listed components, 15 have more than doubled in three months, and three have at least tripled. The triplers are shares of First Majestic Silver Corp. , Royal Gold Inc. and Silver Wheaton Corp. .