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Vanguard Closes Precious-Metals Fund

Fund family concerned about hot money flooding into volatile sector fund.

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In the midst of the biggest rally for precious-metals funds in nearly a decade, the Vanguard Group has shut its Vanguard Precious Metals Fund (VGPMX) to new and existing investors, including those who own the fund through employer-sponsored retirement plans.

Vanguard took the severe steps to curb hot money pouring into the offering.

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Dan Culloton has a position in the following securities mentioned above: VGPMX. Find out about Morningstar’s editorial policies.