Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Financial analyst specializing on corporate valuation. Long-term experience in analyzing and valuing listed and non listed companies in a wide range of business sectors in Europe, North America and internationally. Some of the sectors covered are financial services, industrials, high technology and real estate. Certified Equity Analyst by the Hellenic Capital Market Commission, Greece. Member of the Hellenic Association of Certified Securities Analysts (HACSA), Greece. Associate Member of the Chartered Institute for Securities & Investment (CISI), UK.

Specialties: Applying methods in corporate valuation, developing valuation models and writing equity research and valuation reports. Consulting services to companies with regard to their valuation drivers and potential corporate value, utilized in corporate deals such as mergers, acquisitions and sale of businesses. Specialized financial translations.

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

VanEck Gold Miners ETF/USA / Equity Bottom-Up

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<h2>VANECK VECTORS GOLD MINERS ETF (GDX)</h2>
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<h3>Fund Summary</h3>
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<p>VanEck Gold Miners ETF (GDX) is an Exchange Traded Fund in the Equity Precious Metals Category.</p>
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<h3>Performance and Valuation Highlights</h3>
<p>GDX has matched very tightly the benchmark index performance when looking at average annual total returns. ETF price discount against the Fund’s NAV settled at 3.3% on 12/31/2021. Going forward, the resurgence of Covid, the course of real yields and the fundamentals of the underlying companies are expected to determine the short-term performance of the Fund.</p>
<h3>View</h3>
<p>Despite their notable downtrend from the peak of H1 2020, gold prices have been under a consolidation mode recently. Furthermore, investor sentiment may start favoring hedge strategies based on gold related ETFs amid all the uncertainty currently surrounding the market, such as the high inflation, the geopolitical risks and the resurgence of Covid. It is also likely that real yields could start correlating even more favorably at this stage with the price of gold. All in all on GDX, we would be inclined to take a HOLD stance for the short-term and a LONG one for the mid-term horizon. In longer run, with the expected interest rate hikes by the FED we would tilt towards HOLD.</p>
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VANECK VECTORS GOLD MINERS ETF (GDX)




Fund Summary




VanEck Gold Miners ETF (GDX) is an Exchange Traded Fund in the Equity Precious Metals Category.




Performance and Valuation Highlights
GDX has matched very tightly the benchmark index performance when looking at average annual total returns. ETF price discount against the Fund’s NAV settled at 3.3% on 12/31/2021. Going forward, the resurgence of Covid, the course of real yields and the fundamentals of the underlying companies are expected to determine the short-term performance of the Fund.
View
Despite their notable downtrend from the peak of H1 2020, gold prices have been under a consolidation mode recently. Furthermore, investor sentiment may start favoring hedge strategies based on gold related ETFs amid all the uncertainty currently surrounding the market, such as the high inflation, the geopolitical risks and the resurgence of Covid. It is also likely that real yields could start correlating even more favorably at this stage with the price of gold. All in all on GDX, we would be inclined to take a HOLD stance for the short-term and a LONG one for the mid-term horizon. In longer run, with the expected interest rate hikes by the FED we would tilt towards HOLD.

















Vaneck Vectors Gold Miners Etf (Gdx) - VanEck Gold Miners ETF (GDX) Is an Exchange Traded Fund in the Equity Precious Metals Category