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Shares of gold miners are soaring in the early months of 2025, as risks around inflation and geopolitics push analysts to ramp up their outlook for the precious metal, a classic haven asset.
The roughly $14 billion VanEck Gold Miners ETF is up around 20% this year, with all but four stocks in the 56-member fund rising. The price of gold, by contrast, is up 12%, while the S&P 500 has gained around 1.7%. That dynamic marks a change from recent years, when shares of miners typically trailed the gold price.
One driver for that outperformance may be buying from investors looking for other ways to tap into gold’s relentless surge. Gold, a popular hedge against inflation and political turmoil, hit another all-time high on Monday.
“From 2014 till now, gold equities have underperformed pretty drastically,” said Steven Schoffstall, director of ETF product management at Sprott Asset…
