The Amex Gold Miners Index includes common stocks or American Depositary Receipts (ADRs) of selected companies with market capitalizations greater than $100 million that have an average daily volume of at least 50,000 shares over the past six months.
Cliff Weber, senior vice president of the Amex ETF Marketplace, said, "We are extremely pleased to begin publishing this index which Amex designed to provide a new barometer of the gold and silver mining industry. We look forward to potentially listing an exchange traded fund and other products based on the Amex Gold Miners Index."
Over the five-year period from September 30, 1999 through September 30, 2004, the Amex Gold Miners Index had a cumulative return of 92.99% and an annualized return of 14.04%.
"The new Amex Gold Miners Index fills a market void for a broad-based index of gold shares. This index currently covers 36 companies, up to three times the number of companies as other indexes of gold stocks and includes large- to small-cap companies," said Joe Foster, portfolio manager of the Van Eck International Investors Gold Fund.
Mr. Foster added, "As investors have reawakened to the benefits of investing in gold shares, the gold mining industry has expanded. The new Amex Gold Miners Index reflects this expansion by combining emerging producers with established miners to reflect a cross section of the market. With this more comprehensive representation, the Amex Gold Miners Index may become the new benchmark for the industry."