VanEck Gold Miners ETF (GDX) outlook

Note: This section contains information in English only.
Source: Dukascopy Bank SA
GDX, the Gold Miners ETF, tracks major gold mining companies and benefits when gold prices rise. The cost to dig an ounce of gold has stayed low, while miners can sell it for roughly $5,000, creating huge profits. Unlike physical gold, mining companies reward investors with dividends and stock buybacks, with major players expected to pay strong dividends in 2026.

With gold prices currently climbing toward the $5,000 per ounce mark, the world's major mining companies are generating record levels of free cash flow because the expense of extracting the metal has not risen nearly as fast as the market price. This gap between cost and revenue is turning these companies into high-yield cash machines, allowing them to pay out significant dividends and buy back their own shares to reward investors. Beyond the balance sheets, the sector is supported by a structural shift in global finance, as central banks continue to buy gold at record levels to diversify away from the U.S. dollar, effectively creating a permanent floor for the market.



However, GDX is vulnerable to operational failures such as labor disputes, equipment breakdowns, or technical mining challenges that can sink a company's share price even if the underlying metal remains expensive.
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