John Zechner Market Vectors Jr Gold Miners ETF GDXJ-N PARTIAL SELL Dec 02, 2024

USD weakening, especially if interest rates peak, should benefit gold. Gold stocks are trading at multi-decade lows. The ETF avoids taking on geopolitical or individual mining risk. There's more growth here than in the larger players, plus more potential for takeout activity.

Likes gold, but prefers the mid-size and juniors for more upside, better valuations, more opportunities. Starting to bounce, but still more potential in some of those names. Doesn't want the big players. 

He sold gold recently. Gold has a lid on it somewhere around $2000. Not a bad chart. You're hoping it will break out and, based on history, it may not. You could make up reasons for it to, but until it breaks out and lasts for more than just a few days, he doesn't trust any of those reasons and just goes by the chart. 5/10 for him.

Good for when US Fed rates cuts interest rates.
Not a great spot for gold now.
Wait to buy.
Lots of short term noise that is bad for gold. 

Fall usually a good season for gold.
Pressure on gold supply from US Treasury tough on gold prices this year.
Looking to buy some gold in the next 1-2 quarters, waiting for weakness in gold prices.

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).

MER is about 51 bps. When you're looking at the gold market, you want to buy the physical metal for the first leg up, as a lot of the companies will lag. Then the larger caps catch on, often as proxies to gold exposure. Only then do the small caps start to catch a bid, and that's where we are now. Still underperforming a bit, but the timing is pretty good.

We're at an interesting inflection point. See his Top Picks.