The lackluster May employment report now pretty much takes a June Fed rate hike off of the table. It also may have seriously diminished the chances of a July rate hike, suggests Doug Fabian in his Weekly ETF Report.

In fact, we might not see any rate hike this year, as election uncertainty is going to really ramp up after the respective Democratic and Republican conventions this summer. This means that we could see renewed investor appetite for gold.

For exposure to gold, the iShares MSCI Global Gold Miners Fund (RING), a solid gold mining fund that consists of close to 40 different positions from many countries, including top holdings in Canada, South Africa and Australia.

Year to date, RING has gained 77 compared to the S&P 500’s year-to-date gain is only 2.51%. RING pays a 0.50% dividend yield and its expense ratio is 0.39%.

The fund’s top holdings are Barrick Gold (ABX), 15.01%; Newmont Mining (NEM), 12.97%; Goldcorp (GG), 10.14%; Newcrest Mining Ltd. (NCMGY), 7.44% and Agnico-Eagle Mines Limited (AEM).

RING differs from some funds in that the companies it invests in do not always have their performances closely linked to the underlying price of gold.

If you are bullish on gold and wish to invest into a relatively stable fund without immense risk, I encourage you to take a closer look.

RING is part of the same family of exchange-traded funds as iShares MSCI Global Silver Miners ETF (SLVP), a relatively small ETF with a silver-mining niche with just $44 million in total assets.

SLVP invests in silver mining companies throughout the world and holds 36 different positions. Its top two companies, Silver Wheaton (SLW) and Fresnillo PLC (FNLPF), together comprise more than a quarter of the fund’s assets.

The idea behind SLVP is to invest in companies whose performances are closely linked to the underlying price of silver.

Since SLVP invests in different silver mining companies around the world, the fund is exposed to currency risks and local risks for each of its companies.

Essentially, investing in  SLVP could be ideal for those who are bullish on silver and are seeking a magnified gain from it.

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By Doug Fabian, Editor of Weekly ETF Report