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COPYRIGHT 2001 The Dallas Morning News
Byline: Bill Deener
May 29--Most mutual fund investors have been looking for returns in all the wrong places.
The biggest gains so far this year have come from one of the smallest mutual fund categories -- gold.
There are only 35 funds that specialize in gold compared with more than 5,000 typical stock funds, according to Lipper Inc. And the average gold fund has surged 19 percent so far this year, making it the best performing mutual fund category by far, according to Lipper, which tracks mutual fund performance. The average stock fund has dropped 2 percent.
"This rally comes none to soon because gold funds have just been decimated over the past three years," said Joe Foster, portfolio manager of the Van Eck International Investors Gold Fund. "But finally there are some things going on in the U.S. economy that are supportive of gold prices."
Gold prices have soared from $254 an ounce earlier this year to almost $300 last week, which...
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