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We've been trying both defensive and growth areas in this market. Here's how we handled a trade in gold miners.
The final trades of the day with CNBC's Brian Sullivan and the Fast Money traders.
Hedge funds are the most bearish on commodities prices in at least 13 years as fears of a deeper economic slowdown cast doubts on demand for everything from crude oil to metals and grains, according to a report by Bloomberg Meanwhile, WTI crude oil traded above $79 price per barrel.
GDX performance has lagged behind the price of Gold. GDX has also underperformed its top holdings. The current portfolio has a consensus upside potential of 12% and is valued at 10x PE or 0.4 PEG.
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.
For much of gold's gains earlier this year, miners have lagged. But that scenario has changed in earnest.
The VanEck Gold Miners ETF has outperformed the S&P 500, but performance relative to the price of gold is not up to par. After years of increasing costs, it appears that in 2024 we could finally see certain cost items coming under control. Although the overall risk for equities is now quite high, the GDX ETF is in a good position to outperform both the S&P 500 and the GLD.
Central Banks have stepped up buying gold ever since the invasion of Ukraine. Central Banks move slowly, but are unlikely to revert course once they're going. China could be in the early stages of recovery from an economic downturn.
GDX: Gold Miners Shine In 2024, Shares Pause Ahead Of A Weak Seasonal Period
Gold prices have moved steadily higher and this has provided a strong tailwind to gold mining stocks. Today, we'll highlight a very bullish setup in this sector by looking at the Gold Miners ETF (GDX).