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JGLD - GDX: Gold Miners Priced To Dramatically Outperform
Amplify Pure Junior Gold Miners ETF
Gold miners are extremely cheap relative to the overall U.S. stock market and also cheap relative to the price of gold.
Taken together, the current gold price suggests that the enterprise value of the GDX's underlying NYSE Arca Gold Miners Index should be almost double its current level.
While this largely reflects the level of S&P 500 overvaluation, it nonetheless suggests the GDX will outperform.
Furthermore, the bright outlook for gold prices should allow the GDX to perform well in absolute terms.