For months, we’ve been pounding the table on gold.
So far, that stance has paid off.
A combination of geopolitical tension, persistent inflation, expected interest rate cuts, and economic uncertainty has created a strong tailwind for gold prices. At the same time, central banks continue to buy gold at a record pace. As a result, gold-related assets have surged.
One standout has been the VanEck Vectors Gold Miners ETF (GDX).
Since late August, GDX has climbed from roughly $60 to $102.31. That move reflects both higher gold prices and renewed investor interest in gold mining stocks. Historically, miners tend to amplify moves in the underlying metal. This rally has followed that pattern.
Why Gold Could Still Move Higher
Even after this strong run, gold’s outlook remains constructive.
Gold is moving closer to our $5,000 price target. Increasingly, that level no longer seems extreme. In fact, some analysts now expect gold to push even higher.
For example, Ed Yardeni of Yardeni Research recently suggested that gold could reach $10,000 over the next four years. He points to massive government deficits, ongoing inflation, and rising geopolitical stress as key drivers.
Trade Uncertainty Adds Fuel
At the same time, new political uncertainty has entered the picture.
Investors are reacting to President Trump’s threat to impose tariffs on several European countries opposing the proposed U.S. takeover of Greenland. According to the BBC, Trump announced a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland. Moreover, those tariffs could rise to 25% and remain in place until a deal is reached.
Historically, trade tensions like these tend to benefit hard assets. Gold has often been one of the primary beneficiaries.
Central Banks and ETFs Confirm the Trend
Beyond headlines, demand for gold remains strong.
Central banks continue to add hundreds of tonnes of gold to their reserves. Meanwhile, investors are pouring money into gold ETFs.
According to the World Gold Council, gold prices set new records roughly 53 times in 2025. During that same period, annual inflows into physically backed gold ETFs surged to $89 billion, the largest on record. In turn, global gold ETF assets under management doubled to $559 billion. Total holdings also reached a new high of 4,025 tonnes, up from 3,224 tonnes in 2024.
Bottom Line
Gold’s rally isn’t based on hype alone. Instead, it reflects strong fundamentals, supportive macro trends, and sustained institutional demand.
As long as those forces remain in place, gold miners — including those held in GDX — could continue to benefit. While volatility is always possible, the longer-term trend still favors gold.
Ian Cooper is an experienced trader who combines technical, fundamental, and news analysis to help individual investors grow their wealth. Learn more about Ian’s Premium Options Strategies.