The correlation between the main ASX-traded gold and copper ETFs illustrates the speculative nature of the buying and their correlation in early 2026. However, while we remain bullish towards copper due to the global electrification tailwind, gold is harder until we see sustained central bank buying re-enter the market. Central banks have continued buying gold since the US-Iran war, but the World Gold Council (WGC) revising 1Q26 central bank purchases sharply down to just 57 metric tons, the lowest first-quarter level in over a decade, from an initially reported 244 tons, tells the tale.
- We can see copper and gold continuing to dance to the same tune, with copper and its related ETFs better supported into dips.
- We can see the GDX ETF testing $120 resistance in the coming months, around 15% higher.
MM is bullish towards the GDX ETF around $104
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Global X Miners ETF (WIRE) v VanEck Gold Miners ETF (GDX)
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Global X Miners ETF (WIRE) v VanEck Gold Miners ETF (GDX)
