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The SPDR Gold Trust ( GLD ) is up 19.05% YTD, the VanEck Gold Miners ETF ( GDX ) is up 21.93%, Newmont ( NEM ) is up 19.55% with $7.3B in free cash flow, and Gold.com ( GOLD ) is up 64.49% with $6.48B in revenue.
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Gold rose above $5,000 an ounce as rising tensions between Iran and the United States threatened oil flows through the Strait of Hormuz and increased demand for safe havens.
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Gold prices neared $5,400 after reports of joint US-Israel strikes on Iran’s nuclear and missile sites threatened oil flows through the Strait of Hormuz. WTI crude oil rose above $76 a barrel, the highest level in more than a year, boosting safe-haven demand. With some analysts targeting gold above $6,000, central banks continuing to hoard, and the People’s Bank of China buying for consecutive months, the downward structural bidding for gold appears to be continuing. The question is, what do analysts and investors think about gold exposure?
Here’s a look at four gold related tools and how to do them.
The SPDR Gold Trust (NYSEARCA: GLD ) directly tracks physical gold, charges a 0.40% expense ratio, and has $174.1 billion in net assets, making it the largest gold ETF in the world. No earnings surprises, no mining costs, no management risk. You own gold.
Read: The analyst who called NVIDIA in 2010 Just naming his top 10 AI stocks
The fund is up 19.05% year-over-year and 75.35% year-over-year. Billionaire Ken Griffin and Israel England both hold positions. It is widely used as a liquid, direct gold tracking device.
Warning: No revenue, no profit to raise the price. If gold recovers from Iran’s breakout, the fund comes with it.
The VanEck Gold Miners ETF (NYSEARCA: GDX ) holds about 50 individual mining companies across multiple geographies. Its top three positions (Newmont, Agnico Eagle, and Barrick) represent approximately 32% of the portfolio. The fund has an expense ratio of 0.51% and net assets of $33.6 billion.
The fund is up 21.93% year-to-date and 166.63% over the past year, outperforming physical gold on both occasions. Miners outperforming bullion is a classic signal from the beginning to mid-stage of a gold bull market, as operating profit begins to rise when gold prices exceed fixed costs of production. The fund provides exposure to the mining sector without focusing on a single name.
Newmont (NYSE: NEM ) is the world’s largest gold miner and is notable for its profitability and earnings profile. Its Q4 2025 results were phenomenal: Adjusted EPS of $2.52 beat consensus of $1.97 by nearly 28%, and full-year free cash flow hit a record $7.3 billion, up 146.5% year over year. The company realized $4,216 per ounce of gold in Q4, which represents a direct benefit to the current price environment.
CEO Natasha Viljoen summarized the year: “2025 was an important year for Newmont, as we delivered our full-year guidance, strengthened our financial position and made significant progress on our commitments.” The company repaid $3.4 billion in debt and ended the year in a net cash position. Quarterly dividends rose to $0.26 per share, with $2.4 billion remaining under a $6 billion purchase authority.
Newmont trades at 18x trailing earnings with a consensus analyst target of $138.13 close to its current price of $119. The stock is up 19.55% year-to-date and 180.80% year-to-date. The headlines are there: 2026 production guidance drops from 5.9 million to 5.3 million ounces, and the Ghana royalty risk could add nearly $50 per ounce to ongoing costs. At current gold prices, analysts will be looking to see if these headwinds materially affect margins.
The best player here is not a traditional miner. Gold.com (NYSE: GOLD ), formerly A-Mark Precious Metals, is a direct-to-consumer precious metals platform and one of the clearest beneficiaries of increased retail demand for gold. The stock is up 64.49% year-to-date, dramatically outperforming every other name on this list.
Its most recent quarter reported revenue of $6.48 billion, more than double the year-over-year estimate of $3.08 billion. New customers increased 47% to 96,100, active customers increased 64% to 229,100, and average order value increased 52% to $4,824. Free cash flow was $146.8 million, up 38% year-over-year, and cash on the balance sheet increased 303% to $152.1 million. The direct-to-consumer segment now accounts for 77% of gross profit, up from 56% a year ago.
EPS of $0.46 came in just short of estimates of $0.48, a small loss against another strong report. Gross margin fell to 1.44% from 1.63% as premium spreads tightened. The company completed the acquisition of Monex Deposit in January 2026, expanding its product reach. Analysts have a consensus target of $66.75 versus the current price of around $56.
The Iran-driven gold race has a structural basis: central bank buying, a weakening dollar, and gold prices closing at $4,300 to $4,400 in 2025 before rising in 2026. The SPDR Gold Trust provides direct physical gold tracking. VanEck Gold Miners ETF provides diversified exposure to the mining sector. Newmont combines gold price gains with dividends and a strong balance sheet. Gold.com posted the strongest YTD return among the four, reflecting rising retail demand. Gold is volatile, and any meltdown in the Middle East could set off a swift move. But these four names represent the full spectrum of gold available today.
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