20/08/2026 09:24

VanEck Gold Miners ETF (GDX US) US$97.33

The VanEck Gold Miners ETF (GDX) surged +9.4% on Wednesday night after the US Treasury unexpectedly stepped up its purchases of long-dated bonds, announcing buybacks of at least US$4bn per operation. The surprise intervention sent 30-year Treasury yields ~10bp lower and weakened the US dollar, providing an immediate boost to gold, which jumped more than 4% to its highest since early June. Gold miners magnified the move through their operating leverage, with Newmont (+7.8%), Barrick (+6.7%), Agnico Eagle (+11.2%) and Kinross (+8.1%) all surging higher.

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07/08/2026 09:51

VanEck Gold Miners ETF (ASX: GDX) $103.70

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.

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06/08/2026 09:28

Gold Spot (US$/oz)

Gold and silver both popped over +4% overnight, their best day since February,  taking precious metals miners along for the ride Barrick (+7.4%) and Newmont (+6.7%). The catalysts for the move was a soft private payrolls report and easing energy cost’s reducing fears of multiple Fed rate hikes into Christmas - note credit markets are still pricing in at least one hike in the remainder of 2026.

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13/07/2026 09:34

Gold ($US/oz)

Gold and its respective miners are enduring a year to forget after promising so much in January when the precious metal spiked above US$5,500, and cab drivers were talking about the likes of gold like they did stocks back in the 1980’s - just before the crash! The US-Iran War has been bad news for precious metals, supporting the $US and yields, reducing the appeal of Gold. We believe this negative influence will easy, a gold will ultimately resume its uptrend,  but there are no clear signs yet.

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09/06/2026 09:21

Chart (s) of the Week – Gold ($US/oz) v Global Gold Miners ETF (GDX)

Golds experiencing a tough few months with bond yields now weighing on the non-yielding precious metal. Previously the higher oil price was also causing some selling of the precious metal by emerging countries struggling with the elevated prices - Turkey have been one of the largest net sellers in 2026 after accumulating through 2025.

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02/03/2026 09:20

Chart (s) of the Week – VanEck Gold Miners ETF (GDX US) – Part 3

This morning we’ve revisited the US gold ETF as it reached our target levels late last week and is set to pop higher again this morning although to what degree is a hard call. If our roadmap is on point the GDX is approaching a meaningful high with another ~30% pullback on the horizon.

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23/02/2026 09:16

Chart of the Week – VanEck Gold Miners ETF (GDX US) – Part 2

This morning we’ve again used the US gold ETF as it saw and reacted to the court’s decision to block Trumps tariffs on Friday night. The advance by the precious metals and GDX ETF fits our current roadmap but we reiterate MM would not be chasing a breakout to new highs.

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06/02/2026 09:39

VanEck Gold Miners ETF (GDX) $141.00

The GDX ETF holds global miners, including Australian names. Its largest holding is Newmont, which tumbled to fresh 4-week lows overnight as forced liquidation gathered momentum, albeit without the steroids controlling silver and Bitcoin. We can see the GDX ETF testing the nerves of investors, seeing no reason to be a hero in the short term, with selling gathering, as opposed to losing momentum.

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30/01/2026 09:35

VanEck Gold Miners ETF (GDX) $165.95

Unlike copper stocks, gold names haven’t run ahead of the underlying precious metal. In 2026, the GFDX ETF has advanced +28%, dancing almost in sync with the precious metal. The parabolic advance by precious metals feels dangerous, and at MM, we take one important read-through from the current price action in the metal sector.

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22/12/2025 09:18

Chart of the Week – VanEck Gold Miners ETF (GDX)

The gold stocks have largely followed the MM roadmap through 2026 and if they stay true to form, while new highs look imminent, another ~20% pullback is not too far away.

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