The runaway winner for 2025 hasn’t been on-again, off-again big tech.
Rather, it’s been the trend higher in mining stocks – particularly gold stocks.
The sector as a whole has more than doubled, with the Van Eck Gold Miners ETF, GDX, up 103% year-to-date.
Good stuff, if you’re paying attention.
And there’s more runway ahead. A look at the weighting of gold compared to other stocks suggests there’s still a massive undervaluation:
Gold mining shares remain well under their historic valuations. (Source: Statista)
With gold prices continuing to push higher – and with central bankers buying hand over fist – gold miners should continue to see expanding profits.
That’s in sharp contrast to the rest of the market, where any potential slowdown in AI could cause a break lower.
The Fed, bending to political winds, is likely to join its global counterparts in cutting interest rates today. There’s more yet to the story for gold and the gold miners – as we forecast a year ago.
~ Addison
P.S. Politics are exerting extreme pressure on money market funds, too.
This week on Grey Swan Live! with Adam O’Dell — at 2 p.m. ET, tomorrow, September 18, 2025 — we’ll be investigating the $10 trillion pile of cash sitting on the sidelines during the terrifying bull market on Wall Street.
Mr. O’Dell has been warning investors how impending changes to monetary policy are going to force savers out of cash and into the markets… or gold. More details to come.
If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.
