Gold & silver
Gold miners ETF: equities instead of metal
A gold miners ETF buys shares in the companies that dig gold, not the metal itself. That provides leverage on the gold price plus every risk that comes with running a mine.
- Ticker
- GDX (UCITS)
- ISIN
- IE00BQQP9F84
- Issuer
- VanEck
- Ongoing charges
- ±0,53% per jaar
- Structure
- Physically replicating equity ETF (UCITS)
Figures are indicative and checked periodically. Always verify the ISIN, ongoing charges and index in the issuer's latest KID and factsheet before you invest.
Where the leverage comes from
Mines carry largely fixed costs. If gold rises ten per cent while production costs stay flat, profit margins can rise far more. The same mechanism works brutally in reverse when gold falls.
As a result, mining indices historically move at a multiple of the gold price in both directions.
- Fixed cost base amplifies profit swings
- All-in sustaining cost (AISC) is the key metric
- Higher volatility than physical gold
Risks gold itself does not have
Mining is politically and operationally sensitive: permits, strikes, disappointing ore grades, cost overruns on new projects and tax changes in producing countries. Energy prices weigh heavily on the cost base.
Some indices hold mainly large producers; juniors and explorers sit in separate, even riskier indices.
Combining with a gold ETC
To track the gold price, use a physically backed ETC. For extra upside and more risk, a small miner position can sit alongside it. They are not substitutes: miners can lag a rising gold price because of company-specific problems.
Costs and dividends
Ongoing charges sit around 0.50% per year, above broad equity ETFs. Miners sometimes pay dividends, unlike a gold ETC which generates no income by design.
Najczęstsze pytania
Does a miners ETF track gold?
Directionally over the long run, but with leverage and periods where company issues break the correlation.
Is this riskier than a gold ETC?
Clearly yes. On top of gold price risk you take operational, political and financing risk.
What is AISC?
All-in sustaining cost: total cost per ounce including sustaining capex. Below the gold price means margin, above it means losses.
What does it cost?
Around 0.53% in ongoing charges per year for the best-known UCITS version.
This is information, not investment advice. Past performance says nothing about future returns; you can lose your investment.