GLD
384.58
+0.00%
0.9× vol
Monday, October 12/09:29:03 ET
Pre-marketTo open0:57
Metal · miners · the dollar
Own the metal. Rent the miners.
Gold 384.58+0.00%5D +1.33%0.9× vol
GLD
384.58
+0.00%
0.9× vol
IAU
78.87
-0.00%
0.6× vol
GDX
89.28
+0.00%
1.0× vol
GDXJ
114.43
-0.00%
1.0× vol
SLV
54.78
+0.00%
0.9× vol
FNV
244.85
-0.00%
0.7× vol
What to do · tonight into tomorrow
Own the metal. Add on a dollar-up dip. Miners wait for Jackson Hole to pass.
End of day
GLD, the liquid gold ETF, is 384.58 (+0.00% today, +1.33% on the week). Miners (GDX) +0.00% — torque is not confirming. Silver +0.00%. Dollar +0.20%. 10-year 5.24%. The metal is trading Jackson Hole positioning. A softer dollar and softer real yields keep the bid. The opposite is the veto.
Next session
After the speech: if GLD held the breakout, add on a dollar-up dip. If it lost the 50-day on volume, the CPI squeeze is over. Miners wait for confirmation.
Weekly trendGLD is +1.33% on the week. Miners +2.13%. Weekly gold is not stretched. The speech next week is the test of whether this is a hedge bid or a melt-up.
What could bid it
Yahoo Finance · 2026-09-26
Bitcoin just posted a 36-point performance gap over stocks and gold in five weeks, but the mechanics behind that rally raise an uncomfortable question about whether the move reflects a genuine shift or a squeeze that is already running out of fuel.
Yahoo Finance · Yesterday
Physical silver offers lower costs and no dividend, while gold miners provide equity diversification and income. Which metals strategy fits your portfolio?
What could hit it
Yahoo Finance · This week
The Fed just signaled it may not be done raising rates, and gold is paying the price. Here is what the selloff means for miners whose profit forecasts still depend on prices the market has already abandoned.
Yahoo Finance · Yesterday
Investors poured billions into gold funds during a month when the metal was falling fast, and the reason they kept buying points to something unsettling happening in the bond market.
Looking forward
Today · 2:00pm ET
July FOMC minutes
watchLast written read before Jackson Hole. Inflation paragraphs, not the boilerplate. Gold will twitch with the dollar.
Thu Aug 20 · 8:30am ET
Initial jobless claims
catalystSoft labor is a gold bid if it does not come with a firm dollar. A hot claims print into Warsh is a headwind.
Thu–Sat Aug 27–29
Jackson Hole · Chair Warsh address
catalystThe event. Policy uncertainty has been the metal's friend. A hawkish 'not constrained by market prices' sequel is the veto.
Fri Sep 4 · 8:30am ET
August employment situation
watchAfter the symposium. Confirms or kills the 'softening labor + cautious Fed' mix gold has been pricing.
Vehicles, not edges
SPDR Gold Shares GLD
ETF384.58
+0.00%5D +1.33%
The default gold vehicle. Liquid, boring, tracks the metal. Use it when you want the hedge, not a miner lottery.
Risk. Real yields and a firm dollar. Jackson Hole can take back a CPI squeeze in a morning.
Confirm. Holds the breakout while DXY is not ripping. Relative volume on up days > 1.
iShares Gold Trust IAU
ETF78.87
-0.00%5D +1.35%
Same metal as GLD, lower fee. Prefer it for a hold you will not trade. Liquidity is a step down from GLD on stress days.
Risk. Same as GLD. Owning both is not a hedge.
Confirm. Use as the long-term sleeve; keep GLD if you need to trade the event.
VanEck Gold Miners GDX
ETF89.28
+0.00%5D +2.13%
Senior miners — torque on gold with operating leverage. When the metal is in a real trend, GDX pays more than GLD. When it is a headline spike, GDX gives it back.
Risk. Costs, jurisdiction, and beta. A $50 gold dip becomes a 10% miner dip. Not a safe-haven; it is a high-beta commodity equity.
Confirm. GDX beating GLD for 20 days and gold holding the 50-day. Until then, own the metal.
VanEck Junior Gold Miners GDXJ
ETF114.43
-0.00%5D +1.44%
The early/high-beta sleeve. Juniors are where the torque lives if the gold bull is real. They are also where you lose a third on a Warsh headline.
Risk. Illiquid names inside, financing, and violent drawdowns. Size as a satellite to GLD, never as the hedge.
Confirm. Gold in a confirmed uptrend and GDXJ holding relative vs GDX. One Jackson Hole is not confirmation.
iShares Silver Trust SLV
ETF54.78
+0.00%5D -0.63%
Silver is gold with an industrial beta. When the dollar eases and factories are not dying, SLV can outrun GLD. It is not a safer gold.
Risk. Whipsaw. Industrial demand plus monetary bid means it loses on both a growth scare and a real-yield scare, on different days.
Confirm. Gold bid and cyclicals not collapsing. SLV 20-day relative vs GLD turning up.
Watchlist — not a buy list
Franco-Nevada FNV
Early244.85
-0.00%5D +1.69%
Royalty/streaming — the early-quality way to own miners without operating a pit. Less torque than GDXJ, fewer disasters than a junior.
Risk. Still de-rates with gold. Premium multiple. Not a lottery ticket and not a hedge.
Confirm. Gold trend intact and FNV holding the 50-day while juniors chop. That is the quality tell.
Wheaton Precious Metals WPM
Early138.65
+0.00%5D +1.75%
The other streamer. Similar to FNV, slightly more silver torque. A way to own miner-like upside without a pit.
Risk. Silver lag and a gold dip still hit it. Not a substitute for GLD.
Confirm. Holds relative vs GDX on a down-metal day. Size under the metal.
The names the theme still runs through
Newmont NEM
Core117.84
+0.00%5D +1.74%
Senior producer. A stock-picker's GDX. Use it only if you want single-name torque and can live with a mine-plan miss.
Risk. Costs, guidance, and equity-market beta. It will not hedge a crash the way GLD can.
Confirm. AISC stable and the stock holding up on a down-gold day — that is operational, not a metal bet.
Agnico Eagle AEM
Core189.02
-0.00%5D +3.10%
Quality senior with a cleaner jurisdiction mix than most. Preferred operator if you are going to own a miner at all.
Risk. Still a miner. Gold down 5% is not 'quality'. Size under the metal.
Confirm. Relative vs GDX holds through Jackson Hole.