VanEck Gold Miners ETF

GDX

Market cap $27.3B

Gold continues to do what it has done for the better part of two years: grind higher with occasional sharp pullbacks.

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Options volumes leaned bullish in both the SPDR Gold ETF (GLD) and VanEck Gold Miners ETF (GDX) on Tuesday.

Ceasefire optimism, a weaker dollar and cooling oil prices are putting gold ETFs back in focus.

VanEck Gold Miners ETF offers premier exposure to global gold miners, with top holdings and $26B AUM. I see GDX's recent pullback as an appealing risk/reward setup, supported by contrarian monetary policy expectations and strong central bank gold demand. GDX trades at a steep discount to the S&P 500, boasts strong unit economics, and benefits from secular de-dollarization and supply inelasticity.

Investors should properly account for systematic risk when investing in gold mining stocks or ETFs like the VanEck Gold Miners ETF. The market is still grappling with the reality of higher energy costs, which will continue to overshadow gold miners record-high margins in 2026. While the recent rout in gold mining stocks could give some room for speculation in the near term, direct exposure to gold remains a superior choice for long-term investors.

Oil prices slid after Trump delayed a planned Iran strike, boosting prospects for retail, airline, India and gold mining ETFs.

NEW YORK--(BUSINESS WIRE)--GDX turns 20; remains a cornerstone of VanEck's ETF lineup, which spans emerging markets, commodities, thematic, income, digital assets and more.

Silver extended its decline for a third consecutive session on Monday, with XAG/USD trading around $74.20 per troy ounce during Asian hours. Investors reacted to India's surprise restrictions on silver imports, rising expectations of another Federal Reserve rate hike and weaker investment demand projections from UBS.

The iShares MSCI Global Gold Miners ETF, which focuses on the most established miners in the gold industry, does a good job of tracking the MSCI ACWI Select Gold Miners Investable Market Index. RING offers leveraged exposure to robust gold prices, with top holdings NEM and AEM generating substantial free cash flow at well-controlled AISCs. RING, which looked overextended in early 2026, now trades below its upper Bollinger Band on the monthly chart and above all key daily moving averages, especially the 200DMA.