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Gold miners are at the crossroads

Jay Kaeppel
2026-06-05
Gold mining stocks had a terrific run into March of this year and have pulled back significantly since. Where to from here? The answer to that question is hanging in the balance, and now is the time for traders and investors to pay close attention. We analyze several key related indicators herein.

Key points:

  • Gold and gold miners enjoyed a terrific rally from February 2024 into March 2026. Since then, gold miners have experienced a significant pullback
  • The longer-term uptrend is presently hanging in the balance, with most gold mining indexes and ETFs struggling to hold near their respective 200-day moving averages
  • Several factors - including the Copper/Gold Ratio and gold miner seasonality - are suggesting a cautious approach. Likewise, our new gold miner calendar has fallen from favorable to neutral

Gold miners are at a decision point

The chart below shows the price action for the VanEck Gold Miners ETF (GDX). The good news is that the price rallied over 340% from February 2024 into March 2026. The bad news is that GDX is 27 %off its high earlier this year and is now testing its 200-day moving average.

Gold miners are at the crossroads

So, where to from here? There is a desire to give the bullish case the benefit of the doubt as long as price holds above its 200-day moving average. The chart below shows the performance of ticker HUI (the Gold Bugs Index of gold mining stocks) and London Gold bullion in the top clip. The bottom clip shows HUI performance relative to gold itself. The alluring nugget here is that if gold remains in a bul

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