GLD, GDX, and GDXJ Are 3 Ways to Bet on Gold. The Same Move Can Produce Wildly Different Returns - 24/7 Wall St.

AI desk brief

GLD, GDX and GDXJ are all down with gold’s pullback, but the miners have sold off much harder: GLD fell 7.12% over the past month, GDX 13.18%, and GDXJ 14.52%. Year to date, GDX is still marginally positive at +0.48% versus GLD at -4.67%, highlighting the operating leverage in miners when bullion moves.

The piece argues GLD offers the cleanest bullion exposure, while GDX and especially GDXJ amplify gold moves because of fixed operating costs, debt, dilution risk and country risk. Longer-term performance still favors larger miners: over five years GDX is up 201.12% versus 192.51% for GDXJ, and over ten years GDX has outperformed GDXJ 312.97% to 238.04%.