##  [# Eureka! VanEck's Gold Miner ETF Outshines GLD, SPY](/sections/news/eureka-vanecks-gold-miner-etf-outshines-gld-spy) 

 

# Eureka! VanEck's Gold Miner ETF Outshines GLD, SPY

 

 

Bullishness around gold is feeding on itself, making miners and their ETFs a more aggressive play.



 

 

 

 

 [![Jeff_Benjamin](/sites/default/files/styles/author_image_icon/public/2023-08/Jeff_Benjamin_author.png?itok=-fUp7EJP "Jeff_Benjamin")](/authors/jeff-benjamin) 

[By Jeff Benjamin](/authors/jeff-benjamin)

 Feb 14, 2025

 Edited by: James Rubin

 

 

 [ + Follow ](/etf/login) 

     Share  <a class="a2a a2a_button_email"> Email </a><a class="a2a a2a_button_linkedin"> LinkedIn </a><a class="a2a a2a_button_facebook"> Facebook </a><a class="a2a a2a_button_x"> X (Twitter) </a> 

 

 

 

 

 

 

 

 

  
            googletag.cmd.push(function() {
                googletag.display('js-dfp-tag-article_page_302x26');
            });
    
    

 

 

  

 



 

 

  Loading 

 

 



 

 

The [**SPDR Gold Trust ETF (GLD),**](/GLD) coming off a solid year that included outperforming the [**SPDR S&amp;P 500 ETF Trust (SPY)**](/SPY) by nearly 2 percentage points, continues to gain appeal among investors and financial advisors as the go-to strategy against a backdrop of high equity prices and geopolitical uncertainty.

But a quick look past the precious metal to gold miners suggests an even more exciting ride for investors willing to buckle in for the ride.

The $14.5 billion [**VanEck Gold Miners ETF (GDX),**](/GDX) which gained 10.6% last year, trailed both SPY’s 24.9% gain and GLD’s 26.7% gain. But the early momentum in 2025 goes to the mining companies.

GDX has gained 24.3% from the start of the year, compared to 3% for SPY and a still impressive 10.6% for GLD.

## GDX Runs Circles Around GLD

According to etf.com data, GDX is on this run despite $1.1 billion worth of net outflows over the past month. The $81 billion GLD has had $650 million worth of outflows over the past month.

Drew Martino, wealth manager at Savvy Advisors in Calabasas, California, attributed the rising price of gold to a “confluence of factors occurring simultaneously.”

Among the factors is the Trump administration’s ongoing tariff threats.

“Tariffs can lead to inflation, and tend to benefit gold,” Martino said. “Experts anticipate a slight increase in inflation in 2025 due to potential tariffs.”

On top of that, Martino pointed to mortgage rates coming off their 2023 highs as being “favorable for gold prices.”

The price of gold closed at $2,945.40 an ounce Thursday, which is down slightly from the [all-time high of $2,953](https://www.apmex.com/gold-price?msockid=220da2cbad92608a0465b143ac63616b) an ounce set Feb. 10.

But the outlook remains bullish, according to Paul Schatz, president of Heritage Capital in Woodbridge, Connecticut.

“The current rally in gold and the (mining) stocks seems more pure than the last one because the stocks are leading,” he said. “In other words, when the stocks lead, investors are accepting more risk and not positioning as a defensive play.”

The bullish indicator, Schatz explained, is because “mining companies are mostly levered to the metal so when stocks lead, investors think there is real demand versus hiding in gold for safety.”

 Martino also sees the momentum continuing.

“Widespread belief in a gold price rise can lead to increased buying, further driving up the price,” he said.

 
            googletag.cmd.push(function() {
                googletag.display('js-dfp-tag-in_article_unit');
            });
    
    

 

 



 

 

 [ + Follow ](/etf/login) 

 [ Jeff Benjamin Wealth Management Editor ](/authors/jeff-benjamin) 

 

 

  Jeff Benjamin is the wealth management editor at etf.com, responsible for coverage related to the financial planning industry. This includes writing,…   [View Bio](/authors/jeff-benjamin)

 



 

 


 Related Topics  [Gold Miners](http://www.etf.com/topics/gold-miners) 

 [Gold](http://www.etf.com/topics/gold) 

 [Data Dive](http://www.etf.com/topics/data-dive)