Does Vanguard Have a Gold ETF?

Gold’s price reached an all-time high last week, crossing the psychological $3,000 level. The move was followed by a surge in Google searches for precious metals exchange-traded funds, led by inquiries for a “Vanguard gold ETF.” 

When investment securities hit significant milestones like this, investors naturally want to know more about the security, either out of curiosity or to determine if they should add the investment to their portfolios or sell shares if they already hold it.

So, we dug deep to find out about different types of gold investments and how Vanguard investors can gain access to the popular safe-haven asset.  

Does Vanguard Have a Gold ETF?

No, as of March 17, 2025, Vanguard does not offer a gold ETF or mutual fund. 

Unlike other major asset managers, including State Street and BlackRock, which offer the two largest gold ETFs—the SPDR Gold Shares ETF (GLD) and the iShares Gold Trust (IAU), respectively—Vanguard has not launched a physically backed gold ETF. 

However, investors looking for indirect exposure to gold at Vanguard can consider the following mutual funds.

• Vanguard Global Capital Cycles Fund (VGPMX): Prior to changing its name and objective on Sept. 26, 2018, VGPMX was the Vanguard Precious Metals and Mining, after which Vanguard reduced the fund’s exposure to precious metals miners to about 25% of the fund’s assets. The fund's expense ratio is 0.44%.
• Vanguard Commodity Strategy Fund (VCMDX): A commodity-focused mutual fund that includes gold futures exposure along with other commodities. Gold exposure in VCMDX is roughly 20% of fund assets. The fund's expense ratio is 0.16%.

For direct exposure to gold, investors typically look to GLD or IAU, with expense ratios of 0.4% and 0.25%, respectively. For the many Vanguard investors who prefer low-cost investments, State Street and BlackRock also offer cheaper alternatives, the SPDR Gold MiniShares Trust (GLDM) and the iShares Gold Trust Micro (IAUM), which have expense ratios of 0.1% and 0.09%, respectively. 

Physically Backed Gold ETFs vs. Gold Miner ETFs 

The main types of gold ETFs can be simply categorized as either physically backed gold ETFs or gold miner ETFs. Below are the main differences between the two types. 

• Physically backed gold ETFs: These funds invest directly in physical gold bullion, aiming to track the price of gold itself. These ETFs, such as GLD and IAU, hold gold bars in secure vaults, and their value fluctuates based on the spot price of gold. They provide a way for investors to gain exposure to gold without needing to own or store the metal themselves, making them a popular hedge against inflation and economic uncertainty.
• Gold miner ETFs: These invest in companies that mine and produce gold, rather than gold itself. Examples include the VanEck Gold Miners ETF (GDX) and iShares MSCI Global Gold Miners ETF (RING), which track the performance of gold-mining firms, which can be more volatile than gold prices due to factors like operational costs, company management and market or industry-specific challenges.  

Gold Outlook 2025: Positive with Risks

The outlook for gold in 2025 remains uncertain but leans bullish as investors weigh the lingering risk of higher inflation and the potential for a new trade war. If tariffs on key U.S. trading partners like China, Mexico and Canada escalate, global supply chains could be disrupted, driving up costs and reinforcing inflationary pressures.  

In such an environment, gold—often seen as a hedge against inflation and economic instability—could see increased demand, especially if central banks respond cautiously to rising prices. Additionally, if stock market volatility remains elevated or geopolitical tensions intensify, gold could benefit from a renewed flight to safety among investors. 

Investing in gold ETFs offers an accessible way to gain exposure to the metal without needing to store or insure physical gold. Physically backed gold ETFs like GLD and IAU provide direct exposure to gold prices, while gold miner ETFs like GDX and RING offer leveraged exposure to gold through mining companies, which can outperform when gold prices rise.  

However, gold prices can be volatile. If inflation fears subside or interest rates remain high, gold’s appeal could diminish as investors shift toward yield-generating assets. As with any investment, diversification and risk management are key when adding gold ETFs to a portfolio.