How Are Mining Equities Performing During Gold's Record Bull Run?

Gold miners have historically delivered strong returns during gold bull markets.

How have mining equities performed relative to physical gold? >> Yeah, well, if we were having this conversation a year ago, we'd be talking about the gold miners being poised to have a catch-up trade to the to the price of gold.

A lot has changed this year where we're now seeing gold miners are actually dominating uh ETF performance tables.

So if you look at the top performing ETFs, uh 12 out of 13 best performers are either gold or silver miners.

So when you look at um you know more of a a performance basis and how they're doing on you know kind of gold versus the miners, if you take a broad-based benchmark like the NYC Arca gold miners index uh which is a really widely followed miners index, it's returned about 130% this year so far whereas physical gold's up about 52%.

Uh so this outperformance that we see happening on the miners is really happening even though we're seeing outflows in gold mining ETFs.

Um, so far year to date, we've seen about $4.1 billion leave gold mining ETFs, whereas global physically backed gold funds have added about 14 million ounces of gold to their um storage.