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Larry Berman CFA, CMT, CTAVanEck Gold Miners ETFGDXDON'T BUYJun 01, 2015

Yes, GDX is too heavily weighted to ABX. He does not know of an equally weighted way to play it. He would prefer to play it globally. He would suggest crystallizing some losses by selling the stocks and buy an ETF to play going forward. ZGD-T would be a suggestion.

Larry Berman CFA, CMT, CTA

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$19.49

Stock price when the opinion was issued

$75.73

As of Jul 27, 2026. Market Open.

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WEAK BUY

Gold is now trading pretty soberly on price to NAV. If you believe that the USD is eventually going to put in a high here and gold will start to assert itself (and that's the better view), then you can buy gold stocks here. Gold stocks can be fickle. Upcoming quarter may see margins pinched a bit due to higher costs, but that's already reflected in the price.

BUY

He bought. Gold has good seasonality in July, and the chart looks constructive now. He doesn't think the Fed will raise rates this year, because Trump will keep rates low heading into the US Midterms in November. And gold is the way to play it.

DON'T BUY

Gold is too speculative. She's a fundamentals investor.

RISKY

He's not a big buyer in the gold space. His models look for intrinsic value. Gold does not have a dividend or cashflow or a revenue stream. Lots of excitement in the space, but it can be volatile over its history.

That being said, XGD or GDX are probably your best bets.

WATCH

Gold.

Gold remains in an uptrend, past his target of $2600. He's a big fan of the Commitment of Traders data from the Chicago Board of Trade, which comes out weekly on Fridays at 3:30 pm. Commercial traders continue to reduce exposure on the way up. Though gold can push higher, we're getting to the end of this move in the intermediate term.

We've had a good move, but he's cautious at current levels. Vulnerable to at least a near-term correction. Some charts look great, such as OR, AGI, and WPM, and he'd gravitate toward those.

BUY

ETF for gold producers.

XGD and ZGD are the Canadian go-to names. ZGD is equal weight, so the big caps don't run the show.

In the US, he likes GDX or GDXJ (for the juniors).

BUY

Likes gold bullion as hedge against US Dollar.
Gold stocks at 5 year lows.
Good time to buy.

DON'T BUY

Likes it as well as GLD in the gold space, but he doesn't own any gold. Gold does not hedge against inflation or war. Gold is doing nothing as Putin wages war and other countries like China arm themselves.

BUY

options This ETF has hung in there even as gold has flattened. The market bought 10,000 of the April 29 expiring calls, going for 70 cents. This is a breakout. Goldminers will continue to rise and maybe make new 52-week highs.

PAST TOP PICK

(A Top Pick Dec 23/21, Up 26%) Nearing end of seasonal period so on following the mandate sold last position. But gold still has room to run and can do well.

TOP PICK

Representative, cap-weighted. Gold performs well coming into the new year. That, plus rising stock market and rising gold prices, and you could see gold miners do quite well. The run could extend into March and April.

BUY

Depending on the vectors you want exposure to, these are his favourite ways to play the gold sector. He believes the world will be in a low interest rate environment for years to come. Gold will outperform.

COMMENT

Broad lithium play with LIT. Battery technology is the future. You want to buy on dips. For copper, COPX is a basket of copper focused fund. For broader precious metals, GDX would be his preference.

BUY

He is still very bullish on it. The next move by the Feds is something that must be measured over the next year or two. There is bandwidth on how you want to play it, but he remains bulllish.

BUY

Going on two years, he's been bullish on gold and gold miners. Gold miners are the biggest position in all his defensive portfolios. It will be more volatile than it has been, but he believes there is still lots of room to run still.

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