Key Takeaways UNG jumped as severe winter storms cut nearly 10% of U.S. gas output.PLTM rose as platinum prices soared on tight supply, strong investment demand and trade tensions.Palladium ETF PALL climbed on supply fears and strong inflows despite weak auto demand.Wall Street was downbeat last week amid geopolitical uncertainty. The S&P 500 lost 0.4%, the Dow Jones retreated 0.5%, and the Nasdaq Composite fell 0.1%. U.S. President Donald Trump threatened a new wave of protectionist measures against Europe ...

Core Viewpoint - The article compares SPDR Gold Shares (GLD) and VanEck Gold Miners ETF (GDX), highlighting their differing exposures to gold and mining stocks, which shape their risk, cost, and diversification profiles [1][2]. Cost & Size Comparison - GLD has an expense ratio of 0.40%, while GDX has a higher expense ratio of 0.51% [3][4]. - As of January 22, 2026, GLD's one-year return is 77.6%, compared to GDX's significantly higher return of 180.2% [3]. - GLD has assets under management (AUM) of $148.2 billion, while GDX has AUM of $25.8 billion [3]. Performance & Risk Comparison - Over the past five years, GLD experienced a maximum drawdown of -21.03%, while GDX faced a more severe maximum drawdown of -46.52% [5]. - An investment of $1,000 in GLD would have grown to $2,596 over five years, whereas the same investment in GDX would have grown to $2,989 [5]. Investment Strategy Insights - GLD offers direct exposure to physical gold prices, making it less risky and more stable, while GDX provides exposure to gold mining companies, which can amplify returns but also increase risk [8][10]. - GDX's performance is more volatile, with a return of 189% in the last year compared to GLD's 77%, but it also has a higher risk profile due to the nature of mining operations [10][11]. - For investors seeking stable gold exposure, GLD is recommended, while GDX may appeal to those willing to accept higher risks for potentially greater returns [11].

Core Insights - The VanEck Gold Miners ETF (GDX) and the SPDR Gold MiniShares Trust (GLDM) respond differently to gold prices, catering to distinct investment strategies [2][9] Cost and Size Comparison - GDX has an expense ratio of 0.51% and GLDM has a lower expense ratio of 0.10%, making GLDM more attractive for cost-conscious investors [3][4] - As of January 20, 2026, GDX has a one-year return of 181.64% compared to GLDM's 75.86% [3] - GDX has assets under management (AUM) of $25.8 billion, while GLDM has AUM of $25.29 billion [3] Performance and Risk Analysis - Over five years, GDX experienced a maximum drawdown of -46.52%, while GLDM had a maximum drawdown of -20.92% [5] - An investment of $1,000 in GDX would grow to $2,587 over five years, compared to $2,427 for GLDM [5] Portfolio Composition - GLDM is structured to reflect the price of physical gold, providing pure-play gold exposure without the volatility associated with mining companies [6] - GDX invests exclusively in gold mining companies, which introduces additional risks related to company performance and management [7] Investment Implications - GLDM is suitable for investors seeking direct exposure to gold prices with less volatility, while GDX offers potential for higher returns through mining company performance [10][12] - The performance of GDX can diverge from gold prices due to operational risks and market sentiment, making it more volatile [11]

Core Insights - The comparison between Abrdn Physical Silver Shares ETF (SIVR) and SPDR Gold MiniShares Trust (GLDM) highlights significant differences in returns, volatility, and costs, with SIVR showing a higher one-year return and beta, while GLDM is noted for its lower fees and larger assets under management [2][9]. Cost and Size - SIVR has an expense ratio of 0.30% and assets under management (AUM) of $5.4 billion, while GLDM has a lower expense ratio of 0.10% and a larger AUM of $25.2 billion [4][5]. Performance and Risk Comparison - Over five years, SIVR has a maximum drawdown of -38.61% and a growth of $1,000 to $3,149, whereas GLDM has a maximum drawdown of -20.92% and a growth of $1,000 to $2,427 [6]. Fund Composition - GLDM is designed to track gold bullion performance, focusing on providing a low-cost way to gain gold exposure, while SIVR targets the price of physical silver, aiming to mirror the silver spot price closely [7][8].

Core Viewpoint - Endeavour Silver Corp. is highlighted as a strong investment opportunity in the silver mining sector, with a recent price target increase by Alliance Global Partners to $7.75 from $6, maintaining a Buy rating despite mixed Q3 2025 earnings results [1][2]. Financial Performance - Endeavour reported Q3 2025 revenue of $111 million, representing a 109% increase compared to Q3 2024, driven by record silver sales and higher metal prices, although it fell short of analyst estimates by 9.32% [2]. - The earnings per share (EPS) was reported at -$0.01, significantly missing projections by 131.85%, which were estimated at $0.0314 [2]. Production Metrics - Silver production increased by 102% to 1.77 million ounces, attributed to contributions from the Kolpa mine and improved throughput at Guanaceví [3]. - Conversely, gold production decreased by 22% to 7,285 ounces due to lower grades at Bolañitos [3]. Management Commentary - CEO Dan Dickson characterized the quarter as "transformational," acknowledging the short-term financial challenges while emphasizing that derivative losses are a non-cash impact related to the company's hedging strategy in a rising price environment [4]. Company Overview - Endeavour Silver Corp. is a Canadian mid-tier precious metals mining company focused on the acquisition, exploration, development, extraction, processing, and refining of mineral properties, primarily in Mexico and Peru, with silver and gold bullion as its main products [5].

Group 1 - B2Gold Corp. has declared commercial production at the Goose Mine, achieving this milestone on October 2, 2025, after maintaining an average mill throughput exceeding 65% of its designed capacity for 30 consecutive days [1][2] - The mill throughput improved significantly from September 19, averaging 3,249 tons per day (81.2% of design capacity) after the integration of a supplemental mobile crusher, with expectations to operate near full capacity later this year [2] - Gold recovery rates during the period averaged over 90%, with expectations to maintain or improve this figure through the remainder of the year, primarily sourcing mill feed from the Echo open pit and later from the higher-grade Umwelt deposit [3] Group 2 - B2Gold Corp. is a Canadian mining company focused on acquiring, exploring, developing, and operating gold properties, with key operations including the Fekola mine in Mali, the Otjikoto mine in Namibia, and the Goose project in Nunavut, Canada [4]

Core Insights - Equinox Gold Corp. has reported a record gold production of 236,470 ounces in Q3 2025, marking its highest quarterly output to date [1][2] - Year-to-date consolidated production stands at 634,428 ounces, excluding output from Los Filos, Castle Mountain, and Valentine mines [1] Production Details - The Greenstone Gold Mine in Ontario achieved mining rates exceeding 185,000 tons per day in Q3, reflecting a 10% increase from Q2 and a 21% increase from Q1 [2] - Mill grades at Greenstone improved by 13% in Q3 to 1.05 grams/ton, with September's average exceeding 1.3 grams/ton [2] - Full-year production at Greenstone is expected to be at the lower end of the previous guidance of 220,000–260,000 ounces [2] Valentine Gold Mine Updates - The Valentine Gold Mine poured its first gold ahead of schedule on September 14, 2025 [3] - The plant operated at an average of 57% of nameplate capacity, with over 23% of days exceeding this capacity [3] - The mine is projected to produce between 15,000 and 30,000 ounces of gold in Q4 2025 and is expected to reach steady-state annual capacity of 2.5 million tons/year by Q2 2026 [3] Company Overview - Equinox Gold Corp. is a Canadian mining company focused on acquiring, exploring, developing, and operating gold properties, primarily in Brazil, Mexico, and the United States [4] - The company primarily produces gold bullion through open-pit mining operations [4]

Core Viewpoint - Harmony Gold Mining Company Limited is positioning itself as a strong investment opportunity as gold prices rise, particularly following its acquisition of MAC Copper Limited to diversify into copper mining [1][3]. Group 1: Acquisition Details - Harmony Gold acquired MAC Copper Limited for approximately AU$1.08 billion, which represents a 20% premium over MAC's recent share price [1][2]. - The acquisition involves purchasing 100% of MAC Copper's issued share capital at AU$12.25 per share in cash [1]. Group 2: Strategic Importance - The principal asset of MAC Copper is the CSA Copper Mine in New South Wales, Australia, known for its high-grade copper production, yielding about 41,000 metric tons in 2024 [2]. - This acquisition marks a significant step in Harmony's strategy to diversify away from gold, as copper is increasingly essential for global electrification, renewable energy, and decarbonization efforts [3]. Group 3: Management Perspective - Harmony's CEO, Beyers Nel, emphasized that copper provides counter-cyclical diversification to the company's portfolio, acknowledging the cyclical nature of gold [3].

Group 1 - Northern Star Resources Limited is recognized as one of the best performing ASX stocks in 2025, with Goldman Sachs increasing its long-term gold price forecast to $3,300 per ounce, up from $2,850, and suggesting potential prices could reach $4,500–$5,000 in certain scenarios [1][2] - Goldman Sachs has labeled Northern Star as a well-positioned "Buy" among Australia's large-cap gold miners, indicating that the company is relatively undervalued compared to its peers and is expected to benefit from rising gold prices [2] - The bank anticipates that gold stocks, including Northern Star, will outperform the actual commodity price through 2025 due to strong profit margins [2] Group 2 - Northern Star Resources Limited is an Australian gold mining company engaged in acquiring, exploring, developing, and operating gold deposits across Western Australia, the Northern Territory, and Alaska [3] - The company's primary assets include the Kalgoorlie Consolidated Gold Mines, the Yandal and Pogo operations, and the recently acquired Hemi gold project, with gold bullion as its main product produced through large-scale open-pit and underground mining operations [3]

Core Insights - Perseus Mining Limited has received official authorization to begin construction and operation of an underground mine at its Yaouré Gold Mine in Côte d'Ivoire, marking a significant milestone for the company [1][2] - The company plans to invest $170 million in the underground mining project, with expectations to produce the first ore by January 2026 and to commence commercial-scale mining by March 2027 [2][3] - The Yaouré project is set to become Côte d'Ivoire's first modern underground gold mine, allowing Perseus to access richer and deeper ore deposits, which is projected to contribute approximately one-third of the company's total gold production over the next decade [3] Company Overview - Perseus Mining Limited is an Australian gold mining company engaged in the acquisition, exploration, development, and operation of gold properties across West Africa, including the Edikan Gold Mine in Ghana and the Sissingué and Yaouré gold mines in Côte d'Ivoire [4] - The company's primary product is gold bullion, produced through both open-pit and underground mining operations [4]