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VanEck Gold Miners ETF rated buy with strong growth and global diversification despite recent volatility.

Analyst Insights
05 Apr 2026
Seeking Alpha
View Source
Bullish
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The VanEck Gold Miners ETF (GDX) maintains a buy rating due to its attractive 11.2x price-to-earnings ratio and strong expected earnings growth. It has outperformed both gold and the S&P 500 over the past year, returning 108% year-over-year despite a recent 20% pullback from February highs. The ETF's portfolio is concentrated, with 61% in its top 10 holdings and over 75% in non-US stocks, providing global diversification. While the overall trend remains bullish, technical indicators show mixed signals, including a broken uptrend and potential downside risk to the high $60s, suggesting investors should monitor closely.

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