💰 GDX ETF — MINER PROFITS, NOT JUST GOLD, ARE POWERING THE RALLY ⛏️🟡
The VanEck Gold Miners ETF ($GDX) isn’t just riding higher gold prices — it’s soaring because miners’ profit margins are exploding.
📈 The trend:
• $GDX jumped ~153% in 2025, leaving physical gold far behind
• The key: All-In Sustaining Cost (AISC) spreads
• Gold prices climbed faster than mining costs → profits skyrocketed
🧠 Why margins matter
Gold miners don’t make money on the gold price alone —
They make Gold Price – AISC
When gold rises faster than costs:
➡️ Margins widen
➡️ Earnings grow
➡️ Stock valuations get a boost
That’s exactly what’s driving $GDX now.
⚡ Why miners can beat gold
• Gold = safe-haven asset
• Miners = leveraged profit engines
• Every $100 rise in gold hits miner profits more than bullion
As long as:
✔️ Gold remains high
✔️ Mining costs stay in check
👉 $GDX keeps its structural edge
📊 Big picture
This isn’t hype — it’s operating leverage in action.
If gold holds strong, miners could continue outperforming bullion.
👀 Assets traders are tracking:
