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....
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GDX: Multiples And Margins Tell Us Something Important