The Same Gold Rally, 79% More Upside: Miners vs. Bullion Over the Past Year

The Same Gold Rally, 79% More Upside: Miners vs. Bullion Over the Past Year argues that gold-mining equities have outperformed holding physical gold via gold bullion trusts over the last year. The article cites the iShares Gold Trust (NYSEARCA: IAU) as a low-cost way to gain exposure, stating it holds 100% physical gold and charges a 0.25% expense ratio, with assets of $68.4 billion as of the May fact sheet. It says IAU delivered a 22.97% one-year gain, while its larger peer SPDR Gold Shares (GLD) returned 22.81%. By contrast, the VanEck Gold Miners ETF (NYSEARCA: GDX), which holds miners, returned 43.49% over the same period, attributed to operating leverage as gold price increases can expand margins. The article also compares longer windows, noting GDX’s 141.05% five-year return versus IAU’s 125.37% and that IAU’s 193.51% over 10 years exceeds GDX’s 173.41%. It flags that miners introduce stock-specific risks and fall more quickly, citing 2026 year-to-date declines of -11.67% for GDX versus -4.68% for IAU.