Gold vs. GDX: The Best Way to Play Gold Right Now

02/26/25 • 20 min

GDX vs. gold: Why are gold stocks lagging, and how can investors find the real winners? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Garrett Goggin, founder of Golden Portfolio, at the 2025 Mines and Money Conference in Miami. Goggin shares his insights on the gold cycle, explaining why the GDX often underperforms compared to gold itself. He emphasizes the importance of free cash flow per share for driving gold stock prices and identifies an undervaluation in the mining sector. Goggin also touches on the potential impact of the U.S. Treasury marking its gold reserves to market and the possibility of a new gold standard.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Previous Episode

Mining M&A Mania Coming in 2025

Are rising gold prices translating to increased investor interest? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Josh Goldfarb, Managing Director of Metals & Mining Group at BMO Capital Markets, on the sidelines of the 2025 BMO Global Metals, Mining & Critical Minerals Conference. Goldfarb discusses the renewed sense of optimism in the mining sector. He highlights increasing investor interest, driven by rising copper and gold prices and strong financial results from mining companies. He also touches on the growing importance of M&A activity and capital discipline in the sector, as well as new sources of capital emerging from the Middle East and Europe. Goldfarb emphasizes that smart M&A deals will drive the sector forward in 2025.

Next Episode

Inside Orla Mining's 90% Stock Surge: Jason Simpson

How did Orla Mining achieve a 90% share price increase in one year? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Jason Simpson, President & CEO of Orla Mining at the 2025 BMO Global Metals, Mining & Critical Minerals Conference, to discuss Orla Mining's impressive performance and future strategies. Simpson highlights Orla's record production, debt payoff, and the acquisition of the Musselwhite mine. Discover how Orla Mining plans to leverage its financial strength and strategic acquisitions to grow to 500,000 ounces a year. Simpson also touches on broader trends in the gold sector, including M&A activity and shareholder returns.
Key points:
- Record 2024: High production, debt-free status.
- Musselwhite Mine Acquisition: Increases production by 140%.
- Growth Strategy: Aims for 500,000 ounces/year by 2027.
- Shareholder Value: Focus on buybacks and growth investments.
- Nevada Project: Permitting progress, production target 2027.
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