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.
- We remain bullish towards gold believing recent headwinds will ease through the 2H of 2026.
MM remains bullish towards gold through 2026 around US$4,100
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Spot Gold ($US/oz) v VanEck Gold Miners ETF (GDX US)
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Spot Gold ($US/oz) v VanEck Gold Miners ETF (GDX US)
