Gold Emerges as an All-Weather Investment Beyond Safe Havens

Gold, traditionally seen as a hedge against economic turmoil, is increasingly being recognized for its broader investment potential. John Hathaway, managing partner at Sprott and senior portfolio manager at Sprott Asset Management USA, argued during the 2026 Precious Metals Summit that gold can serve as an “all-weather strategy,” not just a safe haven during crises. He pointed out that since 2000, gold has outperformed the S&P 500 with dividends reinvested, highlighting its value as a diversifier.

Hathaway also emphasized the current appeal of gold equities, regardless of whether gold’s price rises. He attributed this optimism to strong operating leverage, potential mergers and acquisitions, and robust financial performance among miners. “The day has come for the gold stocks to start to perform,” Hathaway stated, suggesting that investors could find success even without a gold price increase.

For those looking to invest in gold mining companies, Hathaway recommended a mix of large-cap producers, growth-oriented firms, and potential takeover targets. Two ETFs that offer exposure to the sector are the Sprott Gold Miners ETF (SGDM) and the Sprott Junior Gold Miners ETF (SGDJ). SGDM focuses on companies with strong revenue growth and free cash flow, while SGDJ targets small-cap miners with compelling growth prospects.