The ASX-traded Gold Miners ETF (GDX) has only rallied 81% from its April low, surprisingly lagging the WIRE ETF. However, we can always play with statistics to paint the picture we want with the GDX up +300% from its 2024 low compared to the WIRE, which only warmed up in the last 6-months. With safe-haven demand continuing to surge amid a messy backdrop of US fiscal uncertainty and the prospect of a lengthy Federal Government shutdown, upgrades have started to flow for the precious metal over recent days. Goldman Sachs upgraded its 12-month gold target to $US4,900, while UBS now targets $US4,200 over the coming months.
- We thought gold and its respective miners would test current levels in mid-2026, not by today, making us cautious short term.
MM is bullish towards gold medium term
Add To Hit List
