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ABX:CC - GDX: Multiples And Margins Tell Us Something Important
Barrick Gold Corporation
2024-07-01 17:27:01 ET
Summary
GDX has underperformed the S&P 500, but there are important caveats when judging short-term performance.
Gold miners margins are now in a very good position to improve through the rest of 2024.
Topline growth is also expected to remain high, while valuations do not seem to reflect that.
It has been about 10 months since I first covered VanEck Gold Miners ETF ( GDX ) and a bit more than a month since I outlined my reasons to be skeptical on the current market sentiment towards the ETF....