Abstract
This article examines adding gold to a portfolio either through a gold bullion (GLD) exchange-traded fund (ETF) or a gold miner ETF (GDX). Bullion funds track the price of gold extremely well and tend to be far less volatile than gold miner funds. Jonathan Clements, the former Wall Street Journal reporter and founder of the "HumbleDollar" blog, indicated that he prefers gold miner funds because of potential better rebalancing opportunities. The research findings fail to support the notion that greater volatility associated with gold miner funds is rewarded with higher portfolio returns via superior rebalancing opportunities over the period 2007 through 2020.