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Gold’s Best Year Since 1979, And Why I’m Upgrading GDX To A Buy Now (Rating Upgrade)

Summary

• VanEck Gold Miners ETF (GDX) is upgraded from hold to buy, supported by strong technicals and robust 2025 performance.
• GDX’s valuation is compelling, with a 13.1x P/E and a 41% long-term EPS growth forecast, yielding an attractive PEG ratio.
• Dividend discipline is evident, as GDX paid its highest dividend since 2007, reflecting improved capital allocation among gold miners.
• Technical momentum, rising 200dma, and a breakout above $85 support a $100+ price target, despite some near-term volatility signals.

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Gold had its best year since 1979 in 2025. The VanEck Gold Miners ETF (GDX) returned 155% last year, more than double the yellow metal’s gain. I had a hold rating on GDX back

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**Analyst’s Disclosure:**I/we have a beneficial long position in the shares of GDX, GLDM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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