XLB - GDX: Gold Miners Shine In 2024 Shares Pause Ahead Of A Weak Seasonal Period
2024-05-29 13:19:25 ET
Summary
- Spot gold has generally kept pace with the S&P 500 in the past six years, according to Bank of America.
- Gold miners, as measured by the VanEck Gold Miners ETF, have more than doubled since late 2018, with major gains in recent months.
- GDX has grown significantly, with total assets under management increasing from $11.5 billion to nearly $14.0 billion since January.
- With a mid-teen P/E multiple and soft seasonal trends, I highlight key price levels to monitor heading into the summer.
How powerful has the recent run-up in gold prices been? It turns out that spot gold has generally kept pace with the S&P 500 in the past six years, according to research from Bank of America. What’s more, gold miners, as measured by the VanEck Gold Miners ETF ( GDX ) have more than doubled (total return) since late 2018. ...
GDX: Gold Miners Shine In 2024, Shares Pause Ahead Of A Weak Seasonal Period