Gold's Worst Quarter Since 2013: 3 Reasons Why GLDM Is Still a Buy

Gold's second quarter of 2026 was its worst in over a decade, with the SPDR Gold MiniShares Trust (GLDM) falling 16% between April 1 and June 30.

The decline is comparable to the infamous Q2 2013 collapse, when gold prices dropped from about $143 to around $119. Rising real yields, a stronger dollar, and rotation back into AI-flavored equities contributed to the damage.

However, central banks continued to accumulate gold as a reserve asset, absorbing a significant share of mine supply and setting a demand floor underneath the market.

Institutional retail also followed suit, with gold and precious metals ETFs pulling in $4.39 billion of inflows in January 2026, their highest reading since at least 2009.