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Gold Miners ETFGDX
The benchmark ETF for diversified exposure to the world's major gold-mining companies.
Past week: +6.16%
30-day price
Where the chart sits — description, not prediction
Trading below both its 50-day ($89.25) and 200-day ($87.07) averages — the longer-term trend reads as down. 30-day range $73.81–$97.60; currently in the middle third of that range. RSI(14) 41 — momentum weak.
Computed from daily closing prices (Yahoo Finance), June 19, 2026. Compare all markets →
What is Gold Miners ETF?
The VanEck Gold Miners ETF (GDX) is a passively managed exchange-traded fund that tracks an index of companies generating most of their revenue from gold mining. Launched in 2006, it was one of the first ETFs to offer convenient, exchange-traded access to a basket of gold-mining equities.
GDX holds a few dozen companies spanning North America, Australia, Africa, and beyond. Its largest weightings sit in senior producers such as Newmont, Agnico Eagle, and Barrick Mining, making it a broad proxy for the gold-mining industry rather than a bet on any single company.
What has moved Gold Miners ETF
Leverage to the gold price
Because a miner's revenue rises with gold while many costs are fixed, a move in gold tends to produce a larger percentage move in mining profits. GDX, as a basket of miners, amplifies gold's moves in both directions — behaving more like a leveraged gold play than a direct holding of metal.
All-in sustaining costs (AISC)
The profitability of every holding hinges on the gap between the gold price and the cost to mine each ounce. When industry-wide costs rise on energy, labor, or permitting, margins compress even if gold holds steady, so the fund is sensitive to cost inflation across the sector.
M&A and index changes
Mergers among the underlying companies and periodic index rebalancing shift GDX's composition. Major deals — like Newmont's purchase of Newcrest or Agnico Eagle's merger with Kirkland Lake Gold — change the size and weighting of holdings and the fund's overall risk profile.
Sentiment and the gold cycle
Miners attract capital during macro uncertainty, dollar weakness, or rising inflation expectations. GDX often leads physical gold in bull markets and can fall harder in risk-off equity selloffs, because it carries both gold-price risk and stock-market risk at once.
Notable moments
2006: a pioneer for gold-mining exposure
When VanEck launched GDX in 2006, it was a novel product — an ETF holding gold-mining stocks rather than gold itself. It quickly became the dominant vehicle for investors seeking amplified gold exposure without picking individual mining stocks.
2011 and after: a lesson in leverage
GDX surged with gold into the 2011 peak, then fell far more steeply than the metal during the multi-year decline that followed. The episode became a widely cited example of miners' amplified downside and reshaped how investors think about mining leverage.
Common questions
How is GDX different from owning physical gold?
GDX holds shares of gold-mining companies, not bullion. Miners carry extra risks — operational, management, political, and cost — but can also rise faster than gold when prices climb, because profits can grow faster than the metal. Physical-gold ETFs hold actual bars instead.
Why do gold miners sometimes fall when gold rises?
Mining stocks carry equity risk on top of commodity risk. In broad market selloffs investors may sell miners even if gold is flat, and rising costs, debt, or mine-specific problems can weigh on individual holdings — dragging the ETF independent of the gold price.
Does GDX include silver or other miners?
GDX focuses on companies that earn most of their revenue from gold. Some holdings also produce silver or copper as byproducts, so the fund has incidental exposure to those metals, but its primary driver remains the gold price.