Paul Singer's Elliott Investment Management has significantly changed its market hedges, increasing its bearish bet against gold miners while establishing a new bullish position on the Nasdaq 100, according to its third-quarter 13F filing released Friday.Singer Bets Against Gold Miners While Loading Up On QQQThe 13F filing, which details the firm’s holdings as of Sept. 30, 2025, reveals a complex outlook on the market. Elliott dramatically increased its put position on the VanEck Gold Miners ETF (NYSE:GDX) ...

Core Insights - The Global X Silver Miners ETF (SIL) and the VanEck Gold Miners ETF (GDX) both focus on mining equities but differ significantly in their investment strategies and performance metrics [1][6] Cost & Size Comparison - GDX has a lower expense ratio of 0.51% compared to SIL's 0.65%, making it more cost-effective for investors [2] - As of November 14, 2025, GDX has a larger AUM of $22.21 billion, while SIL's AUM stands at $3.73 billion [2] - SIL offers a higher dividend yield of 1.17% compared to GDX's 0.53%, appealing to income-focused investors [2][7] Performance & Risk Analysis - Over the past year, GDX has outperformed SIL with a return of 114.6% versus SIL's 97.5% [2] - In terms of five-year performance, GDX has shown a growth of $2,007 from an initial investment of $1,000, while SIL has grown to $1,550 [3][8] - GDX has a smaller max drawdown of -49.79% compared to SIL's -56.79%, indicating lower price volatility [3][8] Portfolio Composition - GDX exclusively targets gold mining companies, holding 53 positions with top holdings in Agnico Eagle Mines Ltd, Newmont Corp, and Barrick Mining Corp [4] - SIL focuses on silver miners with 40 stocks, including top holdings like Wheaton Precious, Pan American Silver Corp, and Coeur Mining Inc [5] - The differing commodity focus introduces unique risk factors and drivers for each fund [5][6]

Core Insights - The VanEck Gold Miners ETF (GDX) offers broader exposure to gold mining with a lower expense ratio, while the Global X Silver Miners ETF (SIL) focuses on silver mining with a higher dividend yield [2][4][13] Cost & Size Comparison - GDX has an expense ratio of 0.51% compared to SIL's 0.65% - As of October 27, 2025, GDX has a one-year return of 69.0%, while SIL has a return of 61.0% - GDX has a lower dividend yield of 0.6% compared to SIL's 1.3% - GDX's assets under management (AUM) stand at $21.2 billion, significantly higher than SIL's $3.5 billion [3][4] Performance & Risk Analysis - Over the past five years, SIL experienced a maximum drawdown of -55.93%, while GDX had a drawdown of -46.52% - An investment of $1,000 in GDX would have grown to $1,914 over five years, compared to $1,576 for SIL [5] Portfolio Composition - GDX, with 52 holdings, includes major companies like Agnico Eagle Mines Ltd, Newmont Corp, and Barrick Mining Corp, providing broad access to global gold mining [6] - SIL focuses on 38 holdings within the silver mining sector, featuring companies like Wheaton Precious, Pan American Silver Corp, and Coeur Mining Inc [7] Market Context - Both gold and silver prices surged over 50% in 2025 due to geopolitical tensions, economic uncertainty, and central bank buying, with silver's price also driven by tight global supply and industrial demand [8] - Approximately 60% of global silver demand comes from the industrial sector, highlighting its importance beyond just investment [8] Investment Options - Investors can choose between various investment vehicles, including bullion, mining stocks, futures, or ETFs like GDX and SIL, which provide exposure to mining stocks without the risks associated with holding physical metals [9][10]

The VanEck Gold Miners ETF (GDX) has been in a relentless bull run this year and is trading at its all-time high. GDX was trading at $80, up by 135% from its January lows and The ETF has jumped in th... ...

Core Insights - Gold prices have surged by 27.01% over the past six months and 53.85% year to date, reaching over $4,000, making it one of the best-performing assets of the year [1] - Strong investor inflows into gold ETFs, a weaker dollar, and sustained central bank buying are driving this increase [1][2] - Market expectations of further Fed rate cuts and ongoing geopolitical tensions could extend gold's gains into 2026, suggesting a favorable environment for increased portfolio allocation to gold [2] ETF Demand and Projections - Investor demand for gold-backed ETFs surged in September, marking the largest inflows in over three years [6] - Goldman Sachs and UBS have raised their gold price forecasts, with Goldman Sachs projecting a price of $4,900 per ounce by December 2026, up from $4,300 [5][6] - The CME FedWatch tool indicates a 94.6% likelihood of an interest rate cut in October and a 99.3% likelihood in December, which is expected to further support gold prices [4] Investment Strategies - Investors are advised to consider allocating up to 15% of their portfolios to gold, contrary to traditional advice of limiting alternative asset classes to single-digit percentages [3] - A long-term passive investment strategy is recommended to navigate short-term market fluctuations, with a "buy-the-dip" approach suggested for potential declines in gold prices [9] ETF Options - For physical gold exposure, investors can consider SPDR Gold Shares (GLD), iShares Gold Trust (IAU), SPDR Gold MiniShares Trust (GLDM), abrdn Physical Gold Shares ETF (SGOL), and iShares Gold Trust Micro (IAUM) [8] - GLD is noted for its liquidity with an average trading volume of 14.48 million shares and an asset base of $128.64 billion, making it the largest among gold ETFs [10] - For gold miners, options include VanEck Gold Miners ETF (GDX), Sprott Gold Miners ETF (SGDM), VanEck Junior Gold Miners ETF (GDXJ), and Sprott Junior Gold Miners ETF (SGDJ), with GDX being the most liquid and having an asset base of $22.96 billion [11][12]

Group 1 - The article highlights the VanEck Gold Miners ETF (NYSEARCA:GDX) as a trending stock, with a bullish outlook from Tim Seymour, the founder and Chief Investment Officer of Seymour Asset Management [1] - Seymour emphasizes that gold miners are currently positioned for offensive growth, citing strong free cash yields as a key reason for investment in GDX [1] - The article also suggests that while GDX is a viable investment, certain AI stocks may offer higher returns with limited downside risk, indicating a preference for AI investments over gold miners [2] Group 2 - The mention of a report on extremely cheap AI stocks that benefit from Trump tariffs and onshoring suggests a strategic focus on AI sectors for short-term gains [2] - The article references additional resources, including a list of stocks expected to double in three years and hidden AI stocks to buy, indicating a broader investment strategy beyond gold miners [3]

Core Insights - Gold prices have reached $4,000 per ounce for the first time, reflecting a remarkable 50% gain year-to-date, driven by rising inflation fears and global instability [1][10] - Central banks are purchasing record amounts of gold, with U.S. ETFs backed by gold recording approximately $35 billion in inflows by September 2025, indicating strong demand [2][10] - Geopolitical tensions and economic uncertainties are increasing gold's appeal as a safe-haven asset [3][10] Market Dynamics - The current rally in gold prices may face short-term corrections due to rapid gains leading to profit-taking, but forecasts remain optimistic [4][6] - Goldman Sachs projects that gold could reach $4,900 per ounce by 2026 if current trends persist, with the upward trajectory dependent on inflation rates, central bank policies, and global economic stability [4][6] Factors Influencing Gold Prices - Expected Federal Reserve rate cuts and looser monetary policy are making gold more attractive as a non-yielding asset [8] - A weaker U.S. dollar enhances gold's appeal to international buyers, increasing global demand [8] - Heavy buying by central banks, particularly from China, India, and Turkey, is contributing to gold's upward momentum [8] - Geopolitical uncertainties and global economic instability are driving safe-haven demand for gold [8] - Increased investment inflows into gold-backed ETFs and persistent inflation concerns are further supporting gold prices [8] Investment Options - Popular investment options for gaining exposure to gold include SPDR Gold Shares (GLD), iShares Gold Trust (IAU), and VanEck Gold Miners ETF (GDX), which provide liquidity and diversification [9][10]

Group 1: Gold Price and Market Performance - Gold reached $4,000 an ounce for the first time on October 7, marking a 50% increase in prices so far in 2025 [1] - Gold ETFs have seen over $36 billion in net inflows in 2025, making it one of the year's most successful asset classes [1] Group 2: Gold Miners' Performance - Gold miners have benefited from rising gold prices, leveraging fixed mining costs to improve profits and margins significantly [2] - The VanEck Gold Miners ETF (GDX) has increased by 132% year-to-date through October 6, with leveraged versions performing even better [3] Group 3: Leveraged ETFs - Leveraged gold miner ETFs, such as Direxion Daily Gold Miners Index Bull 2X Shares ETF (NUGT) and Direxion Daily Junior Gold Miners Index Bull 2X Shares ETF (JNUG), have seen returns nearly 400% [7] - Leveraged ETFs are designed to deliver a multiple of the daily return of the underlying asset, making them suitable for upward-trending markets [5][6] Group 4: Market Drivers - Safe haven demand has increased due to concerns about the labor market, inflation, and global demand, prompting investors to reduce risk [8] - Central banks globally have been increasing gold reserves as part of de-dollarization efforts [8] - Lower interest rates enhance the attractiveness of non-yielding assets like gold [8]

Group 1: Gold Price Trends - Gold price has risen 10.63% over the past month and 42.90% year to date, driven by dollar weakness, central bank buying, and safe-haven demand [1] - The precious metal is trading near its record high, marking its sixth consecutive week of upward momentum, influenced by geopolitical tensions and high ETF inflows [2] - Strong fundamental indicators could extend gold's gains into late 2025 and 2026, suggesting increased portfolio allocation [1] Group 2: Federal Reserve Impact - The Fed's first rate cut of 2025 in September supported the gold rally, as interest rate cuts weaken the U.S. dollar, increasing gold demand [3] - Recent data showing stronger-than-expected U.S. GDP growth has eased speculation of additional rate cuts, with an 87.7% likelihood of a cut in October and 96.6% in December [4] - Even without further rate cuts, the market has priced in two cuts for 2025, meaning deviations from expectations could boost gold prices [5] Group 3: Investment Strategies - Gold remains a crucial hedge amid macroeconomic and geopolitical uncertainty, with various ETFs available for increased exposure [6] - Recommended physical gold ETFs include SPDR Gold Shares (GLD), iShares Gold Trust (IAU), and others, with GLD being the most liquid option [7] - A long-term passive investment strategy is advised, encouraging a "buy-the-dip" approach despite potential short-term declines [8] Group 4: Gold Miners ETFs - Gold miners ETFs provide access to the gold mining industry, magnifying gold's gains and losses, with options like VanEck Gold Miners ETF (GDX) and Sprott Gold Miners ETF (SGDM) [11] - GDX is the most liquid option with an asset base of $21.64 billion, while GDXJ has outperformed others, gaining 23.82% over the past month and 76.85% over the past year [12]

Core Insights - The MicroSectors Gold Miners 3X Leveraged ETF (GDXU) has surged over 470% year-to-date, making it one of the top-performing ETFs in 2025, driven by record gold prices which have increased more than 41% this year [1][5] - GDXU offers triple-leveraged exposure to the NYSE Arca Gold Miners Index, amplifying returns significantly compared to traditional bullion-backed funds [1][5] - Other gold-related ETFs, such as the VanEck Gold Miners ETF (GDX) and Sprott Gold Miners ETF (SGDM), have also performed well, with GDX up around 105% year-to-date and SGDM reaching a 52-week high, increasing over 120% from its lows [4] Trends Driving Performance - Increased inflows into gold-related ETFs, particularly leveraged products like GDXU, have been noted as a trend among momentum-hunting traders [3] - The sector is experiencing a resurgence, with non-U.S. central banks accumulating gold at the fastest rate in nearly five decades, diversifying away from U.S. Treasuries [7] - Rising geopolitical tensions and uncertainty over tariffs have heightened safe-haven demand for gold, further supporting its price [7]