Commodities
Gold Miners ETFs Rebound: Will They Shine Again?
Gold miners were once the hottest corner of the ASX ETF market in 2025 and early 2026, but sentiment has sharply changed.
The VanEck Gold Miners ETF (ASX: GDX) is down over 33% in six months, while the Betashares Global Gold Miners ETF, Currency Hedged (ASX: MNRS) has fallen more than 36% during this period.
However, looking at a two-year timeframe shows that these funds have actually delivered significant gains. GDX is up over 100%, and MNRS has gained more than 96% in this time.
The gold miners' strong performance was largely due to the rising price of gold, which benefited from central bank buying, tariff concerns, geopolitical tensions, expanding US debt, and fears around currency debasement.